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...]
Investments
Sorted by Date
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...]
How cost segregation can turn your rental into a cash cow
Thanks to the Tax Cuts and Jobs Act, conducting a cost-segregation study on your rental property can put a lot of money in your pocket. What exactly is cost segregation? How can a cost-segregation study on your real property save you big money? It’s really not that hard, but you have to know the IRS’s rules and follow them carefully. To find out how to put this … [Read more...]
How to avoid retirement plan and IRA rollover traps
Thinking about rolling over a qualified retirement plan into an IRA? Go right ahead. It’s usually a smart move because a rollover lets you keep deferring taxes on the rolled-over amount. But be careful. If you don’t follow the IRS’s rules, you could wind up in an IRS agent’s office. Want to learn how to handle retirement plan and IRA rollovers the right way? Read my … [Read more...]