Are you 70 ½? Do you have an IRA? Do you want to help your church, school, and favorite charities and save money? Then read my new article titled Tax Tips: Age 70 1/2 or Older? Make Your IRA Donate Directly to Charity The Challenge: Sure. Your IRA is a great way to save for retirement. But when you hit 70 ½, you’re going to have to start taking money out of your IRA … [Read more...]
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Tax tips for owners of vacant lots or unproductive land
Do you own a vacant lot or some unproductive land that you plan to sell for a profit? Sounds good … but when it comes to your taxes you’ll have to make some important decisions. Like exactly what you can write off as itemized deductions or capitalize by making a formal “election.” But don’t be put off by all this complexity. We’ll make everything crystal clear when you read … [Read more...]
2016 Tax Guide to Foreclosure on a Rental Property
Do you risk losing a rental property to foreclosure? If so, you have our sympathy … and something a lot more valuable. Our proven ideas for limiting the negative tax consequences you face. So don’t despair. Do something now to save yourself a lot of money. Read my new article titled Tax Tips: 2016 Tax Guide to Foreclosure on a Rental Property. Three ways our fact-filled … [Read more...]
How to avoid costly Section 179 “recapture”
Did you take the Section 179 deduction on the tangible property you bought for your business? Good move … but be careful! You see, the deduction comes with strings attached and if you don’t comply with the tax law, Uncle Sam can show up and “recapture” a lot of money. We’ll show you how to avoid problems and stay on the right side of the law when you read my new article … [Read more...]
2016 tax guide for dealing with a home foreclosure
If you’re facing foreclosure on your home, you probably feel like things can’t get much worse. But they can. You see, the law treats foreclosure as if you sold your home — and you can’t deduct losses on the sale of your personal home. Worse, if the lender sells your home for less than the amount of your mortgage, the lender sends you a 1099-C for cancellation of debt … [Read more...]