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...]
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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...]
Why your business may be worth more than you think!
[This is Part 1 in a series on selling your business the smart way] Thinking about selling your business and reaping the profits from years of hard work? Here’s good news… It may be worth more than you think, especially if you’re including intangible assets like customer lists, proprietary software, and goodwill. But remember this important fact: The more valuable … [Read more...]
How a new IRS rule allows property owners retroactive deductions for prior year property fix ups
Attention property owners! This year only, the IRS will let you take extra deductions for certain renovations you made to your business or rental property in prior years! That’s right. The new law gifts you retroactive tax benefits (also known as cash)! EXAMPLE: Say you made major repairs on your property some years ago at a cost of $50,000. Thanks to the new rules, the IRS … [Read more...]
How big earners can contribute to a Roth IRA
Roth IRAs are terrific for a whole host of reasons. But all too many people think they can’t contribute to a Roth IRA because they earn too much money. Wrong! Congress has recently created loopholes that allow even high-income earners to contribute to Roth retirement accounts. What exactly are these loopholes, and how can you take advantage of them? You’ll get the whole … [Read more...]