Have you ever thought about buying season tickets to the games of your favorite football, basketball, baseball, hockey, soccer, or other team? If you want to do so, you’ll have to buy a Personal Seat License (PSL). (It’s the license that grants you the right to buy the season tickets.) If you’re thinking about using the sports tickets for business entertainment purposes … [Read more...]
Inheriting an IRA? Here’s how to slash your tax bill
Ben Franklin once said "Nothing is sure but death and taxes.” Ben was certainly right about death, but he was (understandably) unaware of some recent, money-saving changes in the tax law. You see, if your spouse dies, and you inherit his or her IRA, you can now get some welcome relief from heavy taxes. Want to find out how to handle an inherited IRA the smart way? Don’t … [Read more...]
Why tenant improvements can mean a bonanza for landlords
Have your tenants made improvements to your rental property? If the answer is “yes,” you may be in line for some hefty monetary and tax benefits! You see, under Section 109 of the Internal Revenue Code, at the termination of a lease, the landlord gets the value of tenant (lessee) improvements completely free of taxes. Want to learn how to be a winner at this profitable game? … [Read more...]
Answers to questions about Section 105 medical plans
One of the wonderful things about writing the Tax Reduction Letter is that I often get really great questions from my many readers. I recently got an extremely interesting email from a couple who told me about their situation. Here’s their story… They both are 1099 independent contractors They both work for the same company, file their tax returns jointly, and each has … [Read more...]
How to make business entertainment 100% deductible
As I hope you know, when you take a prospect, colleague, or client to a sporting event, you can deduct 50% of your entertainment costs. No big surprise there. After all, other kinds of business entertainment can also be deducted at the 50% rate. What you may not know, however, is that: If you’re entertaining at a certain kind of “charitable sporting event,” your costs are … [Read more...]