Thinking about fixing up your business and rental properties? Hang on a second. Before you get the workmen on the job, you should be aware of a very important fact: FACT: The repair deduction you’re entitled to can substantially outperform the capitalized improvement. For example, the fix-up you can label as a repair could be 271 percent more … [Read more...]
Depreciation
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What’s Best? IRS Mileage Rates or Actual Expenses?
The new tax law has a lot to say about deducting the cost or vehicles. In some cases, you can deduct the full cost in the year you place the vehicle in service! In other cases, the luxury auto limits might stretch your depreciation deductions over 30 or more years! The bottom line? You really need to check out our brand new article titled Tax Tip: With the New Tax Law, … [Read more...]
Landlord’s snowblower deduction
A landlord just purchased an expensive snowblower to clear the walk-ways of his rental properties. Can he “Section 179 expense” his new snowblower, or is he out of luck? The answer to this question is a bit complicated. Which is why you should read my fact-filled new article titled Tax Tips for Landlord’s Snowblower Deduction. Three ways our fact-filled article can help … [Read more...]
Tax tips for amending your Section 179 expense deductions
Have you (or your corporation) been expensing too much or too little? Either way it’s not a problem. You see, you can change the amount you’ve been expensing without a lot of hassle. In fact, you can claim Section 179 expensing even if you didn’t expense a dime in the first year. Want to find out how you can file a 1040X to change your Section 179 expensing? Read our new … [Read more...]
Don’t kill your vehicle’s Section 179 deduction
The good news… The IRS allows you to amend your Section 179 deduction. The bad news… If you choose to use the IRS mileage rates, the tax law grants you no Section 179 deduction and no ability to amend your tax return to claim it. But hang on. All is not lost. You can still recover many of those lost deductions by switching to the actual expense method explained in our … [Read more...]