Nobody goes into business to lose money. But if you do suffer a net operating loss (NOL), you can often use it to produce refunds from prior tax years and reduce your taxable income in future years. How? You’ll get the lowdown on how to put an NOL to work for you when you read my new article titled Tax Tips: Business Loss? Recover with Net Operating Loss (NOL) … [Read more...]
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Selling Your Business: How to sell intangible assets the right way
Thinking about selling your business? Then don’t forget that it may include some extremely valuable “intangible assets.” Intangible assets include customer lists, goodwill, proprietary software, and much more. If you do decide to sell your business, here is what you need to know: Intangibles sold by your sole proprietorship or single-member LLC. If you sell a … [Read more...]
Watch out for “phantom depreciation!”
Careful! You may be the victim of “phantom depreciation.” This occurs when the tax law depreciates your vehicles or other assets without giving you any deductions! Phantom depreciation can cost you money when you fail to elect out of bonus depreciation. But keep your chin up. We’ll explain how to solve your problems when you read my new article titled Tax Tips: Fix Your … [Read more...]
How to avoid three deadly depreciation traps!
In December, lawmakers retroactively enacted 50% bonus depreciation for 2015. If you can benefit from this largesse, great. But if you don’t want that extra 50% bonus on some or all of your assets, my new article can help you out. You see, it’s devoted to showing you how avoid three traps that the IRS has set for you. Want to walk through the IRS’s minefield … [Read more...]
Owe back taxes? Make the IRS an offer they can’t refuse
Can’t afford to pay your federal income tax bill? Don’t panic. On second thought, do panic. Because you’re up against the world’s most resolute and effective collection agency. You see, when Uncle Sam wants his money, he can garnish wages, file a federal tax lien, or simply clean out your bank account. The good news is, there is hope. That’s because the IRS offers … [Read more...]