The tax law used to help a lot of people by letting them deduct the cost of mortgage insurance. But times change, and in 2013 many of these deductions were no longer allowed. How does the current law treat deductions for government or private mortgage insurance on homes, rentals, and home-offices? You’ll find out when you read my new article titled Tax Tips: When You Can … [Read more...]
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Three great ways to escape the 3.8% Obamacare tax
Do you own rental property? If you do, I’ve got some good news for you… The IRS just released new safe-harbor rules that make it easy for some owners of rental real estate to avoid the dreaded 3.8% Obamacare tax! How can you legally beat the Obamacare tax that applies to last year, this year, and future years? I’ll explain three nifty escape plans when you read my new … [Read more...]
Is there life for your Section 105 Plan (HRA) after Obamacare?
Well, 2014 is here. Which means the new Obamacare tax rules that apply to health reimbursement accounts (HRAs) like Section 105 medical reimbursement plans, are now in effect. IMPORTANT: There are huge changes in the law that you need to know about now. Do not wait to find out what Uncle Sam has in store for you! If you want to find out exactly where you stand, and how the … [Read more...]
Five ways to avoid the new Obamacare tax
Watch out! The new Obamacare tax is coming. That’s right. The new 3.8 % Obamacare tax on net investment and passive income makes its unwelcome debut on your 2013 tax return. You may hear the new tax referred to as the: Obamacare tax Net investment income tax (NIIT) Medicare tax Whatever you call it, the new tax can hurt you a lot, unless you know what you’re … [Read more...]
How higher tax rates can increase rental property profits
Higher taxes mean lower profits, right? Wrong! Even though the American Taxpayer Relief Act of 2012 (and other tax-law changes) can mean higher taxes on your rental properties, you can still come out smelling like a rose. You see, the new, higher tax rates can actually leave you with more after-tax cash in your pocket. How does this work? We’ll explain this paradox and … [Read more...]