As you probably know by now, the Section 199A 20-percent tax deduction is a nice gift from Uncle Sam. Under the trade or business rule, your rental property profits can create the much-welcome deduction. And now, under an alternative rule, you can use the newly created IRS safe harbor to make your rentals qualify for the deduction. But be careful! You may not want to … [Read more...]
Download this “Guide to The Home Office Deduction”
Are you running a sole proprietorship?… An S or C corporation?… A Partnership? Download your FREE copy of “The Home Office Deduction” Your Guide to Saving Thousands of Dollars! This “must read” guide normally sells for $79 but it’s yours FREE if you act now! Dear Business Owner: The home office deduction has a reputation for being a red flag waved right in the … [Read more...]
The latest on Health Savings Accounts (HSAs)
Since the Affordable Care Act (Obamacare) was enacted, Health Savings Accounts (HSAs) have become more popular than ever, particularly with small businesses. This should come as no surprise. The HSA has some great features including its exclusion from the Affordable Care Act 100-a-day penalty rules, tax-deductible contributions, tax deferred growth, and possible retirement … [Read more...]
Here’s what every LLC owner needs!
Your LLC provides you with two important benefits: Limited liability Favorable tax treatment But be aware that your state’s LLC default rules and regulations govern your business as well as your members’ rights and responsibilities. Sometimes these rules are onerous, but don’t lose heart. Luckily, your state’s default rules can be overridden by an operating … [Read more...]
How to qualify for a little-known legal-fees deduction
If you’ve won a lawsuit award or settlement, Uncle Sam will want his share of the money. But if you know how to take advantage of a little-known deduction, you can save thousands of dollars in taxes. Want to keep more of your award or settlement in your pocket? We’ll show you how when you read my new article titled Tax Tips: Minimize Your Tax Bill on Lawsuit Awards and … [Read more...]