If you’re leasing a car that will be used for business purposes, I’ve got good news for you… If you know the ins and outs of the tax law, there are three deductions you can claim that can save you big money. Does this mean you have to spend time studying the tax code and all its rules and regulations? Not at all. We’ve done it for you and boiled all the money-saving … [Read more...]
Protect yourself from the Alternative Minimum Tax!
It’s outrageous! Did you know that the Alternative Minimum Tax (AMT) rules force you to pay taxes on your tax deductions! That’s right. The AMT even makes you pay taxes on the personal exemptions the regular tax law grants you for your children! Luckily, because you own a business, there is something you can do to protect yourself. You can use your business expenses to … [Read more...]
How to maximize business-entertainment deductions
Uncle Sam has some good news for you… If you handle things the right way, you can deduct lots of your business entertainment expenses! Do you like to talk business out on the golf course, or hanging out in a duck blind? The IRS will let you claim some hefty deductions no matter how you like to entertain, but you have to know the rules. You’ll learn how to mix business with … [Read more...]
When a house won’t sell, consider a lease-option
Trying to sell a house that’s sitting on the market without attracting a decent offer? Don’t give up. Think creatively and use a lease-with-an-option-to-buy strategy to get the cash flow flowing! When you find the right tenant, this arrangement can make sense for everyone concerned. But beware. There are tax traps that you’ll need to avoid if you want to come out a winner. … [Read more...]
Why tax-free IRA rollovers just became dangerous
An IRA is supposed to be a safe way to save for a secure retirement. But you’d better be careful! You see, in a recent court case, a judge overturned a long-standing rule on IRA rollovers that turns them toxic unless you handle things the right way. Make a mistake and you could be subject to income taxes, a 10% penalty, plus an additional 20% penalty! Want to avoid a huge … [Read more...]