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...]
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How to qualify your rentals for deductions
Do you own rental property? If the answer is “Yes,” then you need to pay careful attention to the “passive-loss” rules. You see, the tax law contains passive-loss rules that often prevent current-year deductions for rental property losses. If you want to avoid dangerous tax traps that can cost you big money, I urge you to read my latest article titled Tax Tips: Tax Loss … [Read more...]
Dealing with the new estate and gift tax rules
The bad news: Nothing is certain except death and taxes. The good news: Thanks to the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (better known as the Bush tax cut extension package) a new, temporary, federal estate and gift tax has been established for 2011 and 2012. Want to learn how to use the new estate tax rules to provide big … [Read more...]
Changes in the Section 105 vitamin deduction
The new health care law changes the requirements for deducting vitamins in your Section 105 medical reimbursement plan. Want to download the most current sample plan as a Word document? It’s easy. You’ll find the link in our latest article titled Tax Tips: New Health Care Law Requires Strategy Change for Section 105 Vitamin Deduction. Three ways our fact-filled article can … [Read more...]
What’s Best? IRS Mileage Rates or Actual Expenses?
The new tax law has a lot to say about deducting the cost or vehicles. In some cases, you can deduct the full cost in the year you place the vehicle in service! In other cases, the luxury auto limits might stretch your depreciation deductions over 30 or more years! The bottom line? You really need to check out our brand new article titled Tax Tip: With the New Tax Law, … [Read more...]