Who would you rather rent to? A relative you know well and trust, or a total stranger who may wind up trashing your property? The answer’s obvious, but if you rent to a relative you have to be careful. You see, the IRS insists that you comply with strict fair-rent regulations and rules concerning your relative’s use of your property. Break the law and you could lose all … [Read more...]
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Beyond the FBAR: Discover Little-Known Tax Traps in Foreign Reporting
It’s a fact … The IRS is going after taxpayers who fail to report their offshore accounts. Yes. You may have filed your FBAR and/or form 8938 and think you’re in good shape, but be aware … Uncle Sam has piled on a bunch of little-known international reporting requirements plus stiff penalties for non compliance. Want to stay out of big trouble with the IRS? Easy! Read … [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...]
Avoid tax traps when you donate clothing and household items to charity!
Got a garage full of junk? Got closets filled with clothes you’ll never wear? Here’s your chance to do some good and do well. You see, you can pay less tax this year by donating clothing and household items to charities that can really use it. And when you know how to give the right way, you can claim some nice non-cash deductions that will save you money. So… if you … [Read more...]
How to convert business property to personal use?
Do you own rental property that you want to convert to personal use? Or how about proprietorship-owned property like cars, desks, and computers? Then be very careful! You see, when you make the conversion, you’re in danger of triggering the depreciation-recapture tax. And it can cost you plenty. Want to learn how to avoid this tax and keep more money for … [Read more...]