To get our complete, FREE articlewith all the details… Knock, knock. Who’s there? The IRS tax auditor. The IRS tax auditor who? The IRS tax auditor who’s going to make your life a living hell because you don’t have proof of your cost allocation to land and depreciable buildings. Actually, this is no joke. If you own rental property, you’d better come up … [Read more...]
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IRS Defines Real Property for Section 1031 Like-Kind Exchanges
To get our complete, FREE articlewith all the details… To paraphrase the Bible… “The IRS giveth and the IRS taketh away.” What the Tax Cuts and Jobs Act (TCJA) took away was Section 1031 tax-free like-kind exchanges for personal property. What was given, was a change in the law that limits (so-called) exchanges to real property only. So what does Section 1031 … [Read more...]
Deducting Business Casualty Losses: You Don’t Need a Disaster
Disasters are always terrible when they strike,but you can reduce the pain! Read the full article to find out how…“Deducting Business Casualty Losses:You Don’t Need a Disaster” Let’s talk disasters.Okay. This isn’t an upbeat subject, but if you’re ever hit with a disaster, you’ll be glad you read the full article. You see, the article explains, in detail, the crucial … [Read more...]
Lawmakers Extend the Tax Extenders With the COVID-19 Relief Law
Okay. Let’s pretend you’re back in college and you have to turn in an essay to your professor by Monday. But you know that you can’t meet that deadline so you ask your prof for an extension. Well, that’s what lawmakers have done. They’ve granted themselves an extension (and didn’t even have to ask anyone for permission!) Here’s why lawmakers wanted to put things … [Read more...]
Seven Last Minute Biz Deductions
As a business owner, do you want to pay more in income taxes than you have to? Of course not! That’s why you should check out the seven business tax-deduction strategies in this new issue of the Tax Reduction Letter. These perfectly legal strategies, that you can put to work now, can help produce additional business tax deductions (and/or create less taxable income) … [Read more...]