Sure. Tax reform has had its downsides, but it also provides some substantial money-saving benefits for business owners. For example, if you (or you and your spouse) own a business, your children can dramatically increase tax benefits for both you and them. That’s a win/win situation too good to pass up! Want to find out how to put a totally legal “hire your child” strategy … [Read more...]
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A loophole lets you deduct hobby expenses after tax reform
Let me give you the bad news right at the top… Tax reform has killed the ability for you to deduct your hobby expenses. But — and this is an extremely important “but” — if you sell items as part of your hobby activity, the IRS allows you to deduct the cost of those items if you handle things the right way. That’s right. Thanks to an obscure rule that the Tax Reduction … [Read more...]
Tax reform deals professional gamblers a losing hand
If you’re a professional gambler, I sure hope you’re on a lucky streak. Because if you’re not, tax reform just cost you a lot of money. To put this simply, lawmakers were never the professional gambler’s friend, but now, thanks to tax reform changes, your government is even less willing to cut you a break. My advice? Before you head over to the casino, take a minute and … [Read more...]
Good news. Tax reform lands a blow to AMT
Who’s afraid of the big, bad AMT (Alternative Minimum Tax)? Before recent tax reform took effect, you’d be afraid if your AMT liability was higher than your regular federal tax liability. (You’d have to pay the difference in additional taxes.) Now that tax reform is the law, you’ve got much less to fear from the onerous AMT. The bottom line? Changes in the law mean … [Read more...]
Tax Reform Does Much to Help Your Rental Real Estate
Do you own commercial and/or residential rental property? If you do, the recent Tax Cuts and Jobs Act provides some extremely nice benefits for you. For starters, qualified businesses income from your rental creates a possible twenty-percent tax deduction… and without any effort on your part. Plus, if you want to earn taxable income, the new law gives you enhanced bonus … [Read more...]