Do you have an asset that’s owned by your business that you want to convert to personal use? Maybe a car, a computer, office furniture, or something else of value? If the answer is “Yes,” be careful. VERY careful. You see, when you make a conversion like that, you first could face some recapture and then, after that, the business asset retains its business attributes. Which … [Read more...]
Depreciation
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Can a 5 lb. Gold Paperweight Qualify for a Tax Deduction?
When “cost recovery” replaced “depreciation” in the tax code, savvy business owners found that this can be a huge money-saver. You see, when that section of the law was enacted, it created new business deductions for business-use antiques and other assets, like gold, that can increase in value. But like anything else that involves the IRS, you have to know how to handle the … [Read more...]
Watch out! Your vehicle “lease” may not be a lease
Sometime it looks like a duck, swims like a duck, and quacks like a duck. But it turns out, upon closer examination, that it isn’t really a duck! That’s the story with vehicle leases. You see, there are a lot of tax rules on the books that make what looks like a lease, turn out to be a purchase. And what looks like a conditional sales agreement can turn out to be a … [Read more...]
How to turn your timeshare into a hefty deduction
Do you have a timeshare? Do you use it for business only? If you’re answering “Yes,” I’ve got some good news for you… You qualify for maximum tax benefits! That’s right. Because you’re using your timeshare for “business lodging” only, your timeshare escapes the awful restrictions imposed by the “vacation-home” rules. Personal use? If you use your timeshare for both … [Read more...]
Avoid taxes on the sale of a home with an office
If you’re claiming the home-office deduction and are planning to sell your home, I’ve got good news for you. Thanks to the principal-residence tax-free exclusion and the “1031 exchange” you can avoid taxes on the sale of your home. What’s more, you can enhance your deductions on your replacement home! Want to get the whole story? Check out my new article titled Tax … [Read more...]