In a separate article in this issue of the Tax Reduction Letter, we discussed incentive stock options. These options are entitled to preferential income-tax treatment (but are also subject to restrictions and the dreaded alternative minimum tax (AMT). In the article discussed here, we’re going to explain how employer-issued non-qualified stock options work and how they … [Read more...]
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Unlock Tax Deductions with a Rental-Property Home Office
Want to get an early start cutting your tax bill in 2020? Then my new article is for you! You see, if you’re running a proprietorship, partnership, or corporate business, you probably already know that a home office can offer a significant tax deduction. But what you may not know is that you can get a home-office deduction for your rental property as well as a deduction … [Read more...]
IRS Issues New Bitcoin Tax Guidance
Do you invest in bitcoin or other cryptocurrencies? Do you accept cryptocurrencies as payment in your business? Then my new article is for you! You see, in 2019 the IRS issued new guidance dealing with cryptocurrency tax issues that may have important consequences for you. The punch line: if you bought or sold cryptocurrencies this year, you better report the … [Read more...]
2019 Last-Minute Section 199A Strategies That Reduce Taxes, Too
Is your taxable income above $160,700, or above $321,400 on a joint return? Well, first of all, congratulations! But before you break out the champagne, remember this important fact: If you don’t handle your Section 199A planning correctly, your 199A deduction amount could be Zero. Nada. Zilch. Why could this happen? Because your type of business, wages paid, and … [Read more...]
2019 Last-Minute Year-End Tax Deductions for Existing Vehicles
December 31 is approaching fast. Why are we calling attention to this date? Because it’s the last day you can take advantage of some valuable tax deductions you might have overlooked. That’s right. If you know the IRS rules (and we do!), your currently-owned business cars, SUVs, trucks, and vans, (and even your personal vehicles!), can be the source of significant … [Read more...]