Are you thinking of moving to a new home? Then I have good news for you … You see, your current home might make a great rental property which could create tax-free income for you plus you could form a new S corporation that would give you a step-up in the depreciable basis for the rental house. Want to find out more? Easy. Read my new article titled Tax Tips: Sell Home to S … [Read more...]
Investments
Sorted by Date
Tax tips for owners of vacant lots or unproductive land
Do you own a vacant lot or some unproductive land that you plan to sell for a profit? Sounds good … but when it comes to your taxes you’ll have to make some important decisions. Like exactly what you can write off as itemized deductions or capitalize by making a formal “election.” But don’t be put off by all this complexity. We’ll make everything crystal clear when you read … [Read more...]
Beyond the FBAR: Discover Little-Known Tax Traps in Foreign Reporting
It’s a fact … The IRS is going after taxpayers who fail to report their offshore accounts. Yes. You may have filed your FBAR and/or form 8938 and think you’re in good shape, but be aware … Uncle Sam has piled on a bunch of little-known international reporting requirements plus stiff penalties for non compliance. Want to stay out of big trouble with the IRS? Easy! Read … [Read more...]
Four Tax Strategies That Make Buildings Produce More Cash
Good news! Your building, whether it’s a rental property or your office, can likely put money in your pocket. What’s more, you can start saving now with a building you already own, a building you plan on buying, or a building you are renovating. How? By using four money-saving strategies we’ll explain when you read my new article titled Tax Tips: Four Tax Strategies … [Read more...]
Should your S corporation buy life insurance?
Benjamin Franklin said, “nothing is certain except death and taxes.” True. But there are often great ways to slash your tax bill (as readers of this publication know!). And life insurance can help survivors, even though it won’t do much good for you. So… what about having your S corporation buy life insurance? Is this a good idea? Sometimes it is a great idea. But … [Read more...]