If you pay foreign taxes on income generated abroad, you’re probably eligible for a nice U.S. tax deduction or credit. Don’t stop reading because you think you don’t have a foreign account or direct foreign investment. If you’ve got money in U.S. stocks or mutual funds that invest overseas, you likely are paying foreign taxes. You’re just not aware of it. And the good … [Read more...]
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A quick guide to real estate options
Using options can be a great way to increase profits on real estate investments and rentals. But you have to be careful and avoid a number of dangerous traps. That’s why my new article makes “must” reading. It can help you avoid making costly errors and show you how to maximize profits. Want to find out more? Read my new article titled Tax Tips: Make Sure Your Real … [Read more...]
Cash in on “goodwill” when you sell your business
When it comes time to sell your business, you’ll have to consider the intangible asset of goodwill. Definition: Goodwill is the value of a business in excess of its identifiable tangible and intangible assets. It represents the value of your reputation and customer loyalty. Goodwill can be worth a lot of money when you sell, but there are tax consequences that you have to be … [Read more...]
How to handle a failed rental-property purchase
If you’re planning on buying a rental property, we hope all goes well and you come out a winner. But what happens if the deal falls through and you lose your deposit, inspection fees, travel costs, etc.? The answer is, Uncle Sam is there to help. That’s right. The law says you can deduct your losses if you follow the IRS’s rules. Want to learn how the tax law can come to … [Read more...]
How to sell your business using a “contingent” price
When you sell your business, price isn’t the only thing to consider. You also have to take into account the tax implications of the sale. The good news is that Uncle Sam will work with you when you and your buyer structure a “contingent sale” — also know as an “earn out” deal. You’ll get all the details when you read my new article titled Tax Tips: Selling Your Business … [Read more...]