December 31 is approaching fast. Why are we calling attention to this date? Because it’s the last day you can take advantage of some valuable tax deductions you might have overlooked. That’s right. If you know the IRS rules (and we do!), your currently-owned business cars, SUVs, trucks, and vans, (and even your personal vehicles!), can be the source of significant … [Read more...]
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2021 Last-Minute Section 199A Tax Reduction Strategies
If your taxable income is above $164,900 (or $329,800 on a joint return), then your type of business, wages paid, and property can reduce and/or eliminate your Section 199A tax deduction. The combinations can create confusion, but you can lessen the confusion by using the 2021 Section 199A calculator. Want to stay on the safe side? Read my new article titled 2021 … [Read more...]
Two. Four. Six. Eight. When can we depreciate?
To get my complete, FREE articlewith all the details… What’s more fun? Lying on a beach with a chilled Margarita in your hand or Sitting in an office, figuring out the best way to depreciate business assets? I must confess, that as the publisher of the Tax Reduction Letter, evaluating deduction strategies wins hands down. (Okay. So I’m lying—maybe.) The … [Read more...]
Tax-savings for married couples claiming Section 179 deductions
To get my complete articlewith all the details… If you got married, it’s very possible your wedding vows included the words, “for better, for worse, for richer, for poorer.” Well, my new article was written to make sure you and your spouse come out “richer” when you claim your Section 179 deductions! A quick definition (by way of a review). Section 179 of the tax … [Read more...]
Can home-office deductions include garage space?
To get my complete, FREE articlewith all the details… Do you claim a home-office deduction? Does your home have a garage? (attached or detached) If you do, you need an important tool. A tape measure. Why? Because the amount the IRS lets you deduct from your tax bill depends on the size of your office, usually measured in square feet. But what about your … [Read more...]