Should you buy an office and rent it to your business? Be careful! If you don’t know what you’re doing you could be engaging in a “self-rental” that limits your loss deductions and taxes your profits. In other words, handle things the wrong way and the IRS can get you coming and going. The good news? There’s a solution, and you’ll find out what it is when you read my new … [Read more...]
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How to get a fat deduction for your timeshare
It’s a fact: You get the maximum tax benefit from a timeshare when you use it solely for business. But what happens if you use the timeshare for personal purposes only? The answer is, your timeshare can then qualify as a second home for purposes of the mortgage interest deduction. But be careful about renting out your timeshare. Doing so complicates things, generally … [Read more...]
Is your offshore account on the IRS’s hit list?
Let’s face it. The IRS is not a big fan of offshore and foreign bank accounts. Which is putting it mildly. In fact, if you’re an American with an offshore account, you are at the top of the IRS’s hit list. And you really can’t blame the IRS for their concerns. Offshore and foreign bank accounts are often used to hide drug and terrorism money, launder money, and evade … [Read more...]
The smart way to expand your business
Thinking about expanding your business? We can’t tell you which products or services to sell, but we sure can explain the tax implications of expansion! Should you take advantage of tax-deductible business expansion laws, or seek the capitalization or start-up expense classifications? You’ll get straight answers when you read my new article titled Tax … [Read more...]
How to get a deduction just for thinking!
Are you considering buying an existing business? I have good news for you… Tax deductions start the moment you begin thinking about the business you want to buy. This may sound too good to be true, but it is true. That’s because the law that governs tax-deductible expenses is (for once!) stacked in your favor. Want to find out more? Don’t miss my new article titled Tax … [Read more...]