If you’re like most taxpayers, you probably believe this statement… “IRA accounts lock up your money until age 59 ½, unless you’re willing to pay a 10-percent penalty to access your money.” Not true. This is a myth. The fact is, there are three ways you can take money from either a traditional IRA or Roth IRA. And yes. You can do this tax-free and penalty-free, for any … [Read more...]
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Audit-proof your time spent on rental properties
If you claim status as a tax-law-defined real-estate professional, you’ll be able to deduct your rental-property losses. But “claiming” that you’re a tax-law-defined real-estate professional is very different from proving that you are. And the IRS wants proof that you… Spend more than one-half of your personal service time in real-property trades or businesses in which … [Read more...]
New IRS Regs: Does Your Rental Qualify for a 199A Deduction?
You may know that new Section 199A of the tax code gives you up to a 20-percent tax deduction for your pass-through business income. But what about your rental activities? Do they qualify you as an individual for this potential 20-percent deduction? These are important questions that we’ll answer fully when you read my new article titled Tax Tips: New IRS Regs: Does Your … [Read more...]
How to Create A $63,000 199A deduction
If you earn a lot of money, be very careful. You see, if you operate an out-of-favor, specified-services business, your 199A deduction may vanish into thin air. Poof! _________________________________________________________ Definition of “out-of-favor” according to Uncle Sam Under the 2018 tax code, “out-of-favor” groups include lawyers, doctors, accountants, tax … [Read more...]
How to find your Section 199A deduction with multiple businesses
Calculating your Section 199A deduction for a single business can be complicated and confusing. If you have multiple businesses, things get even trickier. There are more decisions to make. More choices to consider. More complications to deal with. That’s where our new issue of the Tax Reduction Letter comes in. We’ll show you step-by-step how to calculate your correct … [Read more...]