When it comes to depreciation and Section 179 deductions, what Uncle Sam giveth, Uncle Sam taketh away. You see, the tax law grants you some nice depreciation deductions, but then recaptures or otherwise taxes them. This means you need to do some careful tax planning in order to save money. How should you start? By reading my brand new article titled Tax Tips: Depreciation … [Read more...]
Depreciation
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How to slash your tax bill when you sell your home
Thinking about selling your current home or vacation property any time soon? Then my new article is for you! You see, I’ll explain easy steps you can take right now to prepare for (or completely avoid!) the tax hit you may have to take when you sell. For example, I’ll explain why you should never rely on the home-sale gain-exclusion to shield all of your profit. And I’ll … [Read more...]
How to liquidate your S corporation the right way
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...]
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...]