Nothing’s more upsetting than getting shafted by a person or business that can’t or won’t pay its debts. To add insult to injury, it’s not all that easy to write off the bad debt. To come out a winner, you have to know the IRS’s complex rules. That’s where we come in. We’ll show you how to navigate the system and claim bad-debt deductions that will stand up to an … [Read more...]
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Captive Insurance: Last Big Tax Shelter
Do you have significant insurance needs? If you do, you should consider creating and owning a “captive” insurance company. Why? Because a captive insurance company could… Save you big money Create a substantial tax shelter Produce a nice pile of cash Want to find out if a captive insurance company makes sense for you? Read my new article Tax Tips: Captive … [Read more...]
How to avoid the “self-rental” trap
Do you rent property to your business? Then be careful. You see, under the IRS’s “self-rental” rule, you could lose money in two painful ways. You could forfeit the juicy tax breaks you’re expecting. You could wind up paying unexpected taxes. And remember, this is true even if you create a separate entity that rents the property to your business! What can you do to … [Read more...]
How coin, stamp, and baseball card collectors can keep the IRS happy
Are you a collector of coins, stamps, baseball cards, or other items? If the answer is “yes,” you should also start collecting some important tax information. For starters, you should know that your collecting activities will fall into one of four IRS-determined tax categories: Hobby Investment Trader Dealer Depending on how the IRS categorizes your collecting … [Read more...]
Turn your IRA into a Roth IRA and save!
If you’ve got a traditional IRA, rolling it over into a Roth IRA can make a lot of sense. That’s because you can grow your earnings completely tax free. What’s that? You’re worried about getting slammed with a huge tax bill when you make the switch? Relax. We’ve got three surefire strategies you can use to slash your tax bill and, in some cases, eliminate taxes … [Read more...]