In the lingo of Social Security, “full retirement age” is the age at which you’re entitled to get full or unreduced retirement benefits. Currently, that age is sixty-six. But what happens if you start drawing Social Security benefits before you reach full retirement age? If you do, you could lose a lot of money. Luckily your 401(k) can help you salvage some of the … [Read more...]
Important news about the home-office deduction
When you do your taxes, do you claim the home-office deduction? If the answer is “yes,” and you’re not claiming depreciation as part of that deduction, you could be making a big mistake. Oh, sure. It’s perfectly legal to take a pass on the depreciation, but why do that? If you don’t claim depreciation, you’re probably losing after-tax cash! If you want to learn which … [Read more...]
How to get a deduction for your classic car
Do you drive a classic car in the course of conducting your business? If you do, here’s a fact you should know… Some important tax law changes now allow you to claim a fat deduction on your four-wheeled business asset! Of course, as always, the devil (and the IRS) is in the details and you have to know how to handle things correctly. We’ll show you how, and steer you in … [Read more...]
Which conventions and seminars qualify for a deduction
Do you attend business conventions, seminars, or similar meetings? If you do, don’t assume that you can automatically “write off” your attendance expenses. The fact is, you could lose those valuable deductions if the event is held in the wrong location. Or if the “wrong” group of people are in attendance. Or if your purpose for attendance doesn’t meet the standards required … [Read more...]
New IRS property-repair rules save you money
It’s seldom that the IRS retreats and reinstates old rules and regulations that actually save taxpayers money. But that’s exactly what has happened. Thanks to a “re-think” by the IRS, you’ll no longer have to wade through 256 pages of regulations to determine whether your fix-up is a “repair” or an “improvement.” That’s right. The onerous rules that went into effect on … [Read more...]