There’s no place like home. And one way to extract value from this important asset is to take out a home equity loan. After all, interest rates on home loans and home-equity lines of credit are currently low. But, before you sign on the dotted line, you need to know how the tax law treats these loans. For example, you should learn… How much interest you can deduct What … [Read more...]
The smart, safe way to lend money to an employee
Shakespeare wrote… “Neither a borrower nor a lender be.” That may be good advice in theory, but in practice you may want to make a loan to an employee who’s going through tough times. Lending money to an employee can be a thoughtful act that builds loyalty, but it can also put you in a tough spot if the debt goes unpaid. If you want to learn how to protect yourself … [Read more...]
Tax tips for the S corporation owner with a home office
Do you operate your business as an S corporation? Do you also claim the home-office deduction? If you’re answering “yes,” here’s some very good news… With the right tax planning, you can sell your home (containing the office) and defer or completely eliminate your tax bill, including recapture for any depreciation that you claimed! Want to find out how? Easy! Read my new … [Read more...]
For buyers of gold, art, antiques, or stamps
Are you a collector of gold, antiques, or stamps? If you are, it’s important to know the relevant tax laws. You see, if you understand the IRS’s rules and regulations, you may be able to deduct a lot of your expenses and slash your tax bill! Want to learn how proven, completely legal techniques can save you big money? Then start collecting the money-saving ideas you’ll … [Read more...]
When it’s smart to ignore the tax law
Don’t get me wrong! I’m very much in favor of following the tax law to the letter. But there is one section of the law that you shouldn’t take seriously. It’s the part that gives you the impression that saving your receipts isn’t always necessary. While the law may not always require receipt-keeping, Uncle Sam always requires proof. And if you don’t have receipts, you’ll … [Read more...]