Do you operate your business as an S corporation? Do you also claim the home-office deduction? If you’re answering “yes,” here’s some very good news… With the right tax planning, you can sell your home (containing the office) and defer or completely eliminate your tax bill, including recapture for any depreciation that you claimed! Want to find out how? Easy! Read my new … [Read more...]
Home Office
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How to protect your home-office deduction
Your home office can provide you with a valuable tax deduction if you comply with all the IRS’s rules and regulations. However, if you work at your company office as well as at home, you could be putting your home-office deduction at risk. How can you work at both locations and still protect your home-office deduction? Easy! All you have to do is take advantage of the … [Read more...]
When you can (and can’t!) deduct mortgage insurance
The tax law used to help a lot of people by letting them deduct the cost of mortgage insurance. But times change, and in 2013 many of these deductions were no longer allowed. How does the current law treat deductions for government or private mortgage insurance on homes, rentals, and home-offices? You’ll find out when you read my new article titled Tax Tips: When You Can … [Read more...]
How to slash your tax bill when you sell your home
Thinking about selling your current home or vacation property any time soon? Then my new article is for you! You see, I’ll explain easy steps you can take right now to prepare for (or completely avoid!) the tax hit you may have to take when you sell. For example, I’ll explain why you should never rely on the home-sale gain-exclusion to shield all of your profit. And I’ll … [Read more...]
The surprising “Case of The Built-in Desk”
A little while ago I was asked an interesting (if arcane) question by a long-time reader of the Tax Reduction Letter. The gentleman who wrote me recently installed a built-in desk in his home office. He also had a built-in desk installed in a personal (non-business) part of his home. His question? How should he treat the two built-in desks for tax purposes? You’ll hear … [Read more...]