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...]
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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...]
How seller financing can make you a fortune!
If you’re considering selling a rental property or your home, your first instinct may be to require an all-cash offer. But this may not be the best way to go. You see, if you finance the deal yourself, you could come out a whole lot better. My advice? Keep an open mind and read my new article titled Tax Tips: Use Seller Financing to Create Wealth. Three ways our … [Read more...]
What rental-property owners should know about seller financing?
Thinking about selling your rental property? Then consider financing the deal yourself. (Real-estate pros call this arrangement a “seller take-back.”) If you’re worried about a buyer not paying up, you should know that a default can actually be profitable for you. Here’s some good advice… read my new article Tax Tips: Cash In When the Buyer Defaults on Your Seller … [Read more...]
Take money out of your Roth IRA tax free, penalty free!
There’s a reason they call the Roth IRA “the Swiss Army knife of savings plans.” You see, the Roth IRA is much more than a retirement fund. It’s also a down payment fund, a college savings fund, and an emergency savings fund all rolled into one! That’s right. If you know what you’re doing, you can withdraw money from your Roth IRA for any purpose and pay zero taxes and zero … [Read more...]