When it comes time to sell your timeshare, you may not make a lot of money. In fact, in this tough economy your timeshare may actually be sold at a loss. If that’s the unhappy situation you face, you’ll need to know if you can deduct that loss come tax time. As is often the case with the tax law, the rules are pretty tricky. Which is why I urge you to read my brand new … [Read more...]
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How to choose the right retirement plan
You may not be retiring for many years, but now is the time to ask yourself a vitally important question… “Which retirement plan makes the best sense for me?” The problem is, there are so many alternatives, you may be confused about which plan design to choose. Should you go with a 401(k)? A profit sharing plan? A defined benefit plan? A SEP or SIMPLE IRA? If you’re … [Read more...]
How your 401(k) can help you avoid Social Security penalties
In the lingo of Social Security, “full retirement age” is the age at which you’re entitled to get full or unreduced retirement benefits. Currently, that age is sixty-six. But what happens if you start drawing Social Security benefits before you reach full retirement age? If you do, you could lose a lot of money. Luckily your 401(k) can help you salvage some of the … [Read more...]
How to get a deduction for your classic car
Do you drive a classic car in the course of conducting your business? If you do, here’s a fact you should know… Some important tax law changes now allow you to claim a fat deduction on your four-wheeled business asset! Of course, as always, the devil (and the IRS) is in the details and you have to know how to handle things correctly. We’ll show you how, and steer you in … [Read more...]
How to save money by paying more taxes!
No. It’s not a typing mistake. It makes perfect sense to pay more taxes this year if we do head over the fiscal cliff at midnight on December 31. As you probably know, the fiscal cliff refers to major changes in the tax law that will take effect starting January 1 if our lawmakers don’t get their act together. And these changes involve huge tax increases. Which means it may … [Read more...]