If you invest in real estate, ask yourself this vitally important question… “Am I a real estate ‘investor’ or a ‘dealer?’” How you answer this question can have huge tax consequences. For example, in a recent case, Mr. Donald Flood filed his tax return expecting to pay $240,000 in federal taxes at the 15% capital gains rate that applies to real estate investors. But the Tax … [Read more...]
How to “IRS-proof” your mileage log
Surprise! You’re going through your mail and there it is. The letter you never wanted to get… An audit notice from the IRS. It seems that Uncle Sam wants to take a close look at your vehicle mileage log. What’s that? All you’ve done is jotted down an estimate of your business vehicle usage? That’s too bad. You see, the IRS wants a LOT more than estimates, and if you … [Read more...]
How to turn commuting mileage into a fat business deduction
The sad truth is, for most people, the cost of driving from home to work is not tax deductible. Which means they can’t write off the cost of gas, depreciation, and more. But don’t get road rage! If you know how to play the game the right way, the IRS will give you a green light on a technique that can save you a lot of money. Though you may still be stuck in traffic every day, … [Read more...]
New Rules Reveal Six Ways to Lower Taxes on Your Personal Use of Your Corporation’s Airplane
If your C or S corporation owns or leases an airplane, or if you own a plane yourself and use it for business, my new article makes must reading. Why? Because the IRS’s final regulations have just been issued and they can have a most beneficial impact on the airplane tax deductions. You’ll find more than a half-dozen strategies you can use to slash your taxes and keep … [Read more...]
How “stock redemption” can give you a big tax break
Are you the sole owner of a C corporation or S corporation? Are you thinking about retiring? Then before you make any moves, you should read my new article. You see, it explains one of the right ways to transfer ownership to your kids, business associates, employees, or other shareholders. How you handle the transfer can have major tax implications which I explain in my … [Read more...]