Roth IRAs are terrific for a whole host of reasons. But all too many people think they can’t contribute to a Roth IRA because they earn too much money. Wrong! Congress has recently created loopholes that allow even high-income earners to contribute to Roth retirement accounts. What exactly are these loopholes, and how can you take advantage of them? You’ll get the whole … [Read more...]
Don’t let your S corporation cost you valuable business deductions
Do you own an S corporation? Did you buy a 2014 business vehicle in your personal name? If you’re answering “yes,” keep reading because a lot of money is at stake. You see, if you don’t handle things correctly, you could lose huge 2014 business deductions. I’m talking about Section 179 expensing, which allows you to take up to $500,000 worth of deductions, plus bonus … [Read more...]
How to throw a party and get a 100% deduction
Allow me to rewrite the lyrics of a famous song in order to help you cut your tax bill… The party's over, It's time to call it a day And if you’re up on the law, Deduct all expenses away. That’s right. Thanks to Uncle Sam, you can deduct 100% of the cost of your company parties if you follow a few simple rules. The bottom line? Before you crank up the music and the … [Read more...]
How to sell your C corporation stock, tax free!
Here’s good news for C corporation stock owners… 2015 is the first year that you can sell your C corporation stock completely tax-free under Section 1202 of the tax code. That’s right. If you meet certain requirements, you can permanently escape taxes on the appreciation of your C corporation stock. All you have to do is hold your shares for five years before you sell … [Read more...]
How to use your rental real estate as a tax shelter
It’s a fact… Your rental properties can do more than generate income. They may also be able to create losses you can use to offset income from your business! Yes. It’s true. Harvesting rental real-estate tax losses is more difficult now than it used to be, but it’s still possible! Your ability to make use of your losses depends on how much time you spend managing your real … [Read more...]