What do you like to bet on? Poker? Craps? Roulette? Whatever your game, Uncle Sam is waiting to take his cut when you win big. That’s right. Your gambling income is taxable and reportable, and by law, casinos must report substantial winnings to the IRS. Odds are you want to protect your winnings, which is why my advice is a sure thing. Don’t wait. Read my new article … [Read more...]
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There’s hidden cash in the IRS standard mileage rate!
It’s sad but true… 83% of businesspeople think that use of the IRS standard mileage rates takes care of vehicle expenses for business purposes. Wrong! The truth is they’re costing themselves big bucks by failing to deduct a loss on the sale of their business vehicle. Want to find out the right way to play the IRS’s mileage game? Read my new article titled Tax … [Read more...]
How to avoid the “self-rental” trap
Here’s the “self-rental” story in a nutshell: You own a business that needs office space… So you buy a building and rent office space to your business… You collect the rent and depreciate the property… Your business gets to deduct the rent it pays you… As a result, the money never leaves your pocket. Sounds great, right? Well, it is if you know the special rules that apply … [Read more...]
S Corporation Net Loss? Don’t Suffer a Surprise Salary
I sure hope your S corporation is making a nice profit and paying you a high salary. But suppose it isn’t? Suppose your S corporation is showing a net loss for the year? If you assume that a loss means you don’t have to pay yourself anything, you could be in big trouble. You see, if Uncle Sam determines that your S corporation didn’t pay you “reasonable compensation,” … [Read more...]
New IRS rule increase likelihood of deducting rental losses
You don’t have to sell real estate for a living to deduct your rental losses. But to deduct your rental losses against your business and investment income, you need to become a tax code “qualified person” often called in tax law a “real estate professional.” You want qualified person status. With this status, your rental properties can qualify as tax shelters. Best of all, … [Read more...]