Good news! If you act before we ring in 2013, you can save a lot of money on your tax bill. How? By using the capital gain and loss strategies that I’ll explain in my latest article. And make no mistake. These strategies can help you claim fat tax deductions that you may not be aware of. Don’t miss this chance to act while there’s still time! Consider this your personal … [Read more...]
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Important news for real estate investors!
If you invest in real estate, ask yourself this vitally important question… “Am I a real estate ‘investor’ or a ‘dealer?’” How you answer this question can have huge tax consequences. For example, in a recent case, Mr. Donald Flood filed his tax return expecting to pay $240,000 in federal taxes at the 15% capital gains rate that applies to real estate investors. But the Tax … [Read more...]
Release Rental Losses Trapped by Passive-Loss Rules
Ouch! The tax law’s passive-loss rules can really hurt a rental-property owner. As you may have already discovered, these onerous rules can “trap” property losses and cost you big money in taxes. Which is why my new article makes must reading. You see, with proper planning you can release those trapped tax benefits and use them to reduce your tax bill. You’ll find out how … [Read more...]
Can a 5 lb. Gold Paperweight Qualify for a Tax Deduction?
When “cost recovery” replaced “depreciation” in the tax code, savvy business owners found that this can be a huge money-saver. You see, when that section of the law was enacted, it created new business deductions for business-use antiques and other assets, like gold, that can increase in value. But like anything else that involves the IRS, you have to know how to handle the … [Read more...]
How to beat the self-rental deduction trap
Last month, I wrote an important article that explained how renting an office to your business can create a trap that crushes tax deductions. The solution to the problem that I outlined involved having your business own the building. This certainly solves the tax deduction problem but it opens up the building and your business to additional legal exposure. Is there a … [Read more...]