It’s a fact… If you liquidate your S corporation the right way, you can use any losses as tax deductions on your personal tax return — and keep the assets personally! But you have to know how to play the game. You see, lawmakers and the IRS have made things tricky. (No surprise!) Which is why it’s so important to make sure that both corporate and personal gains and losses are … [Read more...]
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How to buy a business the right way
If you’re thinking about buying a business, now or in the future, remember this important fact: The manner in which you buy the business will have a huge impact on the taxes you pay long after the date of purchase! That’s why reading my new article is so important. You see, it explains the tax and liability implications of buying the assets of a business as opposed to buying … [Read more...]
The smart way to incorporate your proprietorship
Thinking of turning your sole proprietorship into a corporation? This could be a great idea — but be careful! You see, when you incorporate your business, you have to decide which assets you want to transfer to your new corporation and which you want to keep in your own name. For some assets, you get better tax benefits and better liability protection when you don’t transfer … [Read more...]
10 last-minute vehicle tax deductions
The clock is ticking and soon it will be 2014. This means that if you’re thinking about buying or selling a business vehicle, you better get moving! You see, to take advantage of all the tax deductions coming to you, you have to own the vehicle and place it in service before midnight, December, 31. Want to learn how to use 10 last-minute 2013 tax deductions by buying and … [Read more...]
Deductions for your “entertainment facilities” (Part 2)
Last month we explained why it’s vitally important to know the law if you want to successfully deduct a beach house, ski chalet, yacht, hunting cabin, or other “entertainment facility.” In this article, Part 2, you’ll learn how to get a nice tax deduction when you use the facility as compensation to certain others. But, as always when you deal with the IRS, the devil is in … [Read more...]