The subject of deductions is complicated indeed. (I’ll bet you’ve discovered that for yourself a long time ago!) That’s why, in the current issue of the Tax Reduction Letter we’ll zero in on just one aspect of tax deduction law… Investment interest deductions. When it comes to tax deductions for credit card and loan interest, the tax code doesn’t help you out much. But … [Read more...]
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COVID-19: IRS Provides Relief from Enforcement Actions
___________________________________________________________I hope this issue of the Tax Reduction Letter finds you and your family in good health. Warmest good wishes at this difficult time from all of us at the Bradford Tax Institute.___________________________________________________________ Who’s afraid of the big bad IRS? Not me… at least not until after July 15 of … [Read more...]
TCJA Changes Vacant Land Tax Strategies
Do you own a vacant lot or other unproductive land? If the answer is “yes,” it’s very likely you’ll need new strategies for tax years 2018 through 2025. You might even need to consider making different investments! Why? Because the Tax Cuts and Jobs Act (TCJA) has impacted every cost you incur to carry that vacant lot or unproductive land investment. Want to understand … [Read more...]
Received a fraudulent 1099? Get even!
This is a true story, straight from the IRS. (And if you ever receive a fraudulent 1099, this new article will help you.) The facts of the story… An auto dealer sold a car to a customer. The next day the buyer got a call from the dealer asking him to return to the dealership and change the agreed “no-interest” loan to an interest-bearing loan. The customer obviously said … [Read more...]
Life Insurance Policy Loan—A Tax Nightmare
Do you have an insurance policy that has built up an internal cash value? Are you taking loans from your policy, or letting the policy ride with premiums being paid from the cash value? If the answers to these questions are “yes,” be very careful. You see, if you don’t handle things correctly, you can fall into the life insurance policy-loan trap. Allowing your life … [Read more...]