Nobody’s perfect. And that’s certainly true of the IRS. But let me be specific about how this hallowed institution messed up… The IRS publication on rental properties contains a serious error. It states that you may not deduct your premiums on mortgage insurance expenses. This is flat-out wrong and we’ll tell you why when you read my new article titled Tax Tips: Beware: … [Read more...]
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When Renting to a C Corporation Creates QBI
There’s one section of the tax code that can save you a lot of money. I’m talking about Section 199A. It lets you claim a valuable 20-percent qualified-business-income (QBI) deduction when you rent an office or other building to your personally owned C corporation. But of course, since we’re dealing with the IRS, the devil is in the details. We’ll help you understand … [Read more...]
How to Handle Multiple Rental Activities and the 199A Deduction
Do you engage in multiple rental property activities? If you do, you’ll find that applying the Section 199A deduction can be complicated indeed. That’s why it’s so important for you to read this new edition of the Tax Reduction Letter. You see, we’ll explain the issues you need to consider if you own multiple properties that can generate the valuable new … [Read more...]
Roth IRA After Tax Reform: The Backdoor Is Still Open
Do you believe that you’re ineligible for a Roth IRA because your income exceeds certain limits set by the IRS? Well, I’m happy to tell you that you’re mistaken. The fact is, if you know how to play the game, you definitely can open a “backdoor” Roth IRA, easily and legally. And doing so is a smart move. That’s because the Roth IRA is a great way to grow your wealth with … [Read more...]
Tax Deduction for Classic/Antique Cars Used in Business
Do you have a classic or antique car that you use for business? If you do, can you deduct it the same way you would deduct any car you use in business? The short answer is “yes,” but you must meet two criteria imposed by the courts: The car must be of a type that’s subject to “wear and tear, decay, decline, or exhaustion”The car must be used in your trade or … [Read more...]