So you’ve decided to get rid of your old business vehicle and buy or lease a new one. What’s the first thing you need to do before you ditch the old car? Do a calculation and see if you’ve realized a gain or a loss. If it turns out you’re going to have a loss, don’t lose heart. You see, if you know how to play your cards right, you can still be a winner thanks to Uncle … [Read more...]
How to escape the corporate-tax “lobster trap”
They say that corporate taxation is a lot like a lobster trap… “Easy to get in. Hard to get out.” If you are snared in a C corporation lobster trap and want out so you can switch to a sole-proprietorship, my new article is for you. You see, the conversion process to a proprietorship can be expensive and may or may not make sense for you. But don’t worry. I’ll give you all … [Read more...]
How to cruise to a nice deduction
You know you can deduct the costs of business travel. What you may not know is that if you follow IRS rules, you can travel by cruise ship and still claim a hefty tax deduction! But you have to know how to play the game. Which is why I invite you to take my short “Cruise Ship Tax-IQ Quiz.” It’s a fun way to learn more about a little-known section of the tax code that can … [Read more...]
How to prevent a full-scale IRS audit
When you’re on “The Price is Right” it’s great when they call your name and shout “come on down!” But when you get a letter from the IRS saying “Come on down — and bring all your tax records with you” you may not be so happy. If you going to visit with the IRS, there’s one tax record you’ll need to bring with you to the audit. If it’s in good shape, you limit, even … [Read more...]
A tax-free fix for a bad annuity
Inheriting an annuity is great. But what happens if the annuity turns out to be a lousy investment? The good news is you’re not stuck with it! That’s right. If you know what you’re doing you can use a Section 1035 tax-free exchange to solve your problem. All it takes is the right information which I’ll provide in my new, free article titled Tax Tips: Mom Dies: Daughter … [Read more...]