When it comes to claiming legal tax deductions, your accountant can be your best friend. But your doctor can be a great pal too if he or she suggests you buy certain equipment for your health. That’s right… A swimming pool, ergonomic chair, elevator, and lots more can all be tax deductable if your doctor says you need them! Want to find out more about how to take advantage … [Read more...]
How to save thousands in taxes on your second home
If you own a second home, my new article makes “must” reading. Why? Because a long-forgotten, Tax Court ruling can help you dramatically increase deductions on your second home! By the way, you won’t find any mention of this money-saving strategy in IRS guidance to taxpayers. Unless you study old cases the way we do, you might never know how to save thousands of dollars in … [Read more...]
How to use the IRA “Double-Win” strategy
Are you moving money out of a 401(k) fund? If the answer is “yes,” you may be able to knock thousands, or even tens of thousands of dollars off your tax bill! How? By using a smart roll-forward, roll-backward technique we call the “Double-Win” strategy. In a recent issue of the Tax Reduction Letter we outlined a winning way to slash taxes on your retirement funds by … [Read more...]
How to lower your tax bill when you sell stock winners
Trying to “time” the stock market can be a risky business. But timing the sale and repurchase of stocks in your portfolio, can make excellent tax-planning sense. You see, by strategically timing when you sell and repurchase your stock winners, you can take advantage of the zero-percent tax bracket for capital gains. This strategy can gradually eliminate most or all of your … [Read more...]
How to slash your IRA tax bill
There are two ways to think about your traditional IRA. (Both are valid.) Your IRA is a great way to save for retirement. You fund your account every year and watch your assets grow tax free. Your IRA is like a tax time-bomb waiting to explode. When you’re older, and it comes time to cash in your holdings, you have to pay a lot of taxes on both your contributions and … [Read more...]