Whether you’re insured or not, a disaster means tax trouble. You’ll find out why when you read the full article,“Deducting Disaster Losses for Individuals” When a disaster strikes, brace yourself. You’re in for painful tax-problems concerning your disaster-loss deductions. (The tax law is your second disaster!) Here are two of many important facts… Deduction Fact … [Read more...]
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Lawmakers Extend the Tax Extenders With the COVID-19 Relief Law
Okay. Let’s pretend you’re back in college and you have to turn in an essay to your professor by Monday. But you know that you can’t meet that deadline so you ask your prof for an extension. Well, that’s what lawmakers have done. They’ve granted themselves an extension (and didn’t even have to ask anyone for permission!) Here’s why lawmakers wanted to put things … [Read more...]
Handling Key Non-Tax Financial Issues When a Loved One Passes Away (Part 3)
Previously, in the Tax Reduction Letter, we published the first two parts of a three-part series… Tax Considerations When a Loved One Passes Away (Part 1)Tax Considerations When a Loved One Passes Away (Part 2) In this, the final article in the series, we’re coverthe most important non-tax financial issues. Read my new article… Handling Key Non-Tax Financial Issues … [Read more...]
Working at Home? Don’t Overlook These Deductions
I want you to convert. No. Not your religion! I want you to convert your working-at-home personal assets into business assets. Why? Here’s the story… If you have a deductible office at home (or a non-deductible working space), you’ve got personal assets just sitting there. I’m talking about chairs, desks, antique clocks, and the like. But if you’re using those … [Read more...]
Does Renting My Home for Two Months Kill the $500,000 Exclusion?
Sometimes tax rules are easy to follow. Other times, several rules interact with each other and have to be coordinated carefully to deliver the maximum tax benefit. In this issue of the Tax Reduction Letter, we’ll deal with just such an integration challenge that was ultimately successful. Read the full article for full details. Here’s an example of important … [Read more...]