Do you own or plan to buy a boat for personal use? If so, before you weigh anchor, be sure to read the full article. You see, we’ll explain what tax deductions are available to you and whether the Tax Cuts and Jobs Act will strip you of those valuable deductions. Don’t miss the important information we’ve got waiting for you when you read my new article titled Tax … [Read more...]
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Tax reform attacks home mortgage interest deductions
Sorry to be the bearer of bad news, but here it is… Under the new Tax Cuts and Jobs Act, the home mortgage interest deduction rules did not fare well. And that’s an understatement. The simple fact is, the loss of home mortgage interest deductions means the cost of home ownership will rise a lot. Ouch! We’ll tell you the whole sad story when you read my new article Tax … [Read more...]
Hoping to Take a Bad Debt Deduction? Don’t Count on It
Nothing’s more upsetting than getting shafted by a person or business that can’t or won’t pay its debts. To add insult to injury, it’s not all that easy to write off the bad debt. To come out a winner, you have to know the IRS’s complex rules. That’s where we come in. We’ll show you how to navigate the system and claim bad-debt deductions that will stand up to an … [Read more...]
Three traps rental-property owners should avoid
When it comes to deducting mortgage interest on your home, the tax law is pretty straightforward. But when it comes to deducting mortgage interest on your rental property, it’s a different matter entirely. You see, Uncle Sam has set some traps for you that can cost you big time. Want to learn how to avoid three major rental-property interest-deduction traps and come out … [Read more...]
How your closing statement can work for you
Want to save on your tax bill when you buy a rental property? Then pay close attention to the closing statement. If you’re smart, you’ll go over the statement’s line items and assign each to one of three categories… Business Loan acquisition Operations Then you’ll be in a position to consider the best tax strategy for each category. Want to learn how to use … [Read more...]