It’s a fact… Rental income is just like any other income and you have to pay income tax on it. But there’s a perfectly legal tax loophole that lets you completely exclude certain rental income from taxes! Does this sound good too good to be true? Well, it is true as you’ll discover when you read my new article titled Tax Tips: Learn a Simple Strategy for 100 Percent … [Read more...]
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How to choose the right business entity (Part 2)
In Part 1 of this two-part series, we discussed the pros and cons of forming a sole proprietorship and a single-member LLC (taxed as a proprietorship). In Part 2, we discuss what the three possible corporate forms of business have to offer. You’ll get the whole story (the good, the bad, and the ugly) when you read my new article titled Tax Tips: Choosing the Right Entity … [Read more...]
A warning about self-directed IRAs
Self-directed IRAs can make a lot of sense for successful business people. It offers you more flexibility than a traditional “vanilla” IRA or 401(k) plan. Which means you could possibly wind up with a much bigger nest egg for retirement. But remember, a self-directed IRA also comes with some serious risks. So be warned… If you have a self-directed IRA and make a “prohibited … [Read more...]
New commercial-office tax breaks!
Thinking about making improvements to your commercial-office space? Act now! Why? Because the recently passed Protecting Americans from Tax Hikes (PATH) Act can put thousands of dollars in your pocket if you make improvements to your non-residential property promptly. More good news… It’s very easy to qualify for this new and hefty tax money-saver as we’ll explain when … [Read more...]
How to choose the right business entity (Part 1)
Are you starting a business or thinking about buying one? Then you’ll have to consider which form of business entity you’re going to establish. A sole proprietorship A single-member LLC An S corporation A C corporation Each form of business has its own advantages and disadvantages which we’ll analyze in our two-part series. In part one, we’ll examine the … [Read more...]