Are you getting the most out of your business-vehicle deductions? If you’re using the IRS standard “mileage-rate” method, have you ever wondered what you need to do to switch to the actual expense method? I’ll show how to make that switch the right way when you read my new article titled Tax Tips: You Can Switch from the IRS Mileage Rate to the Actual-Expense Method. Three … [Read more...]
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New Rules Reveal Six Ways to Lower Taxes on Your Personal Use of Your Corporation’s Airplane
If your C or S corporation owns or leases an airplane, or if you own a plane yourself and use it for business, my new article makes must reading. Why? Because the IRS’s final regulations have just been issued and they can have a most beneficial impact on the airplane tax deductions. You’ll find more than a half-dozen strategies you can use to slash your taxes and keep … [Read more...]
Converting a business asset to personal use
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...]
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...]