Are you afraid to claim a home-office deduction because you also commute to an office outside your home? Well, you may be passing up a big tax break you absolutely are entitled to. You see, if you know how to play the game, you can qualify for the home-office deduction which turns your commuting mileage into deductible business mileage. You’ll learn how to come out a … [Read more...]
Home Office
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Fix those depreciation errors now!
It’s a sad fact … Many taxpayers don’t realize that depreciation is a very valuable and often misused (or mistakenly computed) tax deduction. If you failed to use depreciation rules the right way, you could be losing thousands of dollars that should be in your pocket. What can you do to fix depreciation errors you might have made in the past? Plenty. If you want to … [Read more...]
Heavy vehicle+home office=big tax savings!
Here’s good news for the small business owner… By combining the home-office deduction with the purchase of a “heavy vehicle,” you can knock a lot of money off your tax bill. Whether you’ve structured your business as a corporation or a sole proprietorship, this powerful vehicle/home-office combo can save you a bundle as you’ll learn when you read the full article. Here’s … [Read more...]
Beat the recapture tax on your home office!
Do you claim a home-office deduction? Are you thinking of selling your home and buying another? If you are, you’re in luck. You see, if you know what you’re doing, you won’t have to pay the unpleasant recapture tax. And you can increase the tax basis in your replacement home. Which means you win two ways. Want to find out more? Read my new article titled Tax … [Read more...]
Concerned about renting your house to your corporation?
I always enjoy hearing from subscribers to my Tax Reduction Letter. I particularly appreciate it when readers challenge the advice I provide. Why? Because I’m always prepared to back up my money-saving strategies with IRS tax-code citations, tax-court decisions, and more. My readers deserve to get advice they can rely on and that’s exactly what I provide month in, month … [Read more...]