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...]
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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...]
How to turn your timeshare into a business
Owning a timeshare can be fun. But getting away from the office and actually using it can be a problem. The good news is that, if you have employees, you can create nice business tax deductions for your personal timeshare when you’re unable to use it yourself. Want to find out how? You’ll get the whole story when you read our new article titled Tax Tips: Create a Business … [Read more...]
When to sell your home to your S corporation
Looking for new ways to save money on your tax bill? Consider this… If you’re thinking of converting your primary residence into a rental property, you could be stuck with your old cost basis and have to pay a lot of tax. However, if you sell your home to your S corporation, you’ll have a new, stepped-up basis for depreciation when you rent to a third party through your … [Read more...]
How to get a fat tax deduction for building repairs
Do you own rental property or your business’s building? If you do, you need to understand the IRS’s new regulations that can have a big impact on your tax bill. You see, these regulations define what’s a tax-deductible “repair” to a building, and what’s an “improvement” that you must capitalize and depreciate. We’ll explain why repair deductions are best and how the new … [Read more...]