Do you have an asset that’s owned by your business that you want to convert to personal use? Maybe a car, a computer, office furniture, or something else of value? If the answer is “Yes,” be careful. VERY careful. You see, when you make a conversion like that, you first could face some recapture and then, after that, the business asset retains its business attributes. Which … [Read more...]
Don’t let the “self-rental” rules crush you!
Do you rent buildings or equipment to your business? Then be careful. Very careful. You see, in all probability you likely face the self-rental rules. If you’re not sure what these rules mean to your business, now’s the time to find out. How you organize your rentals can have huge tax implications. You’ll get complete information when you read my new article titled Tax … [Read more...]
The truth about tax preparation software
Here’s a fact every business owner should know: Using tax preparation software for your business can be a dangerous business! Why? Because your odds of getting all your numbers into the right categories listed by your software are slim. Which invites an audit from the friendly IRS. Oh, sure. You can buy some type of audit defense or “representation insurance” to protect … [Read more...]
How to deduct travel by car, train, plane, or boat
If you travel (even a little), you need to know the different modes of transportation you can use and the unique rules and regulations that the IRS applies to cars, trains, planes and boats. Want to find you how to maximize your travel deductions, even when you combine a pleasure with business? Read my new article titled Tax Tips: How to Deduct Travel by Car, Train, Plane, or … [Read more...]
Don’t let the “Tax-Home” rule kill your deductions
Do you know what the “Tax-Home” rule is? You should! You see, this IRS rule is extremely important if you have a business operation that’s located away from your personal residence. IMPORTANT FACT: If you don’t comply with the tax-home rule properly, you risk destroying some or all of your home-office deductions, business-vehicle deductions, and overnight-travel … [Read more...]