Do you claim a deduction for an office in your home? What about your garage? Yes. I know it’s surprising, but if you comply with IRS regulations, you may be able to include your garage, or part of it, when you calculate your business-use percentage. You’ll get the details when you check out my new article titled Tax Tips: Can Home Office Tax Deductions include Garage … [Read more...]
Depreciation
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How to get a 100% bonus depreciation on your business car
How often do you say, “Thank goodness for the IRS?” Not very often I’m sure. But you will say that when you see how the IRS saves your bacon when you claim the recently enacted 100% bonus depreciation on your business car! I’ll explain it all when you read my new article titled, Tax Tips: New Law Inadvertently Kills Business Car Depreciation; IRS Rescues Deductions with a … [Read more...]
Tax tips for divorce: Proven ways to save money
A divorce can be a traumatic event. What can make things even worse is the fat tax bill you may have to pay Uncle Sam. That’s right. Your business, children, property, and other assets can trigger a huge tax bill that can make a bad situation even worse. Which is why I urge you to read my latest article titled Tax Tips: Tax Tips for Divorce (Part 1). Three ways our … [Read more...]
Dealing with the new estate and gift tax rules
The bad news: Nothing is certain except death and taxes. The good news: Thanks to the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (better known as the Bush tax cut extension package) a new, temporary, federal estate and gift tax has been established for 2011 and 2012. Want to learn how to use the new estate tax rules to provide big … [Read more...]
How tax-deductible repairs can make you money
Here’s an important fact you should know: FACT: Repairs to property produce more after-tax cash than improvements do! Want to find out more about how repairs can put cash in your pocket? Read our new article titled Tax Tip: The Classic Repair—the Farmer’s Creamery Case. Three ways our fact-filled article can help you: We’ll explain the latest IRS rulings. On November 12, … [Read more...]