If your second business or third business is losing money, you know what pain is. But don’t add to your troubles by losing the chance to claim an immediate tax deduction. And that’s easy to do if you don’t show the IRS that you are “materially participating” in all your businesses. We’ll tell you how to get all the deductions coming to you, and make the best of a bad … [Read more...]
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Tips for Best Tax Result on Vehicle Disposition
Thinking of selling or trading in your business vehicle? Then pay attention because you may be able to save yourself a bundle. You see, when you sell or trade in your vehicle, one of two things is produced … a taxable gain or a deductible loss. And how you handle your gain or loss has real tax implications. Want to learn how you can get the best tax deduction available … [Read more...]
The Section 1031 tax program for vehicles
If you sold your business vehicle, would you wind up with a taxable gain? If the answer is “yes,” you could decrease or possibly eliminate your tax bill using a Section 1031 tax-deferred exchange. How can you turn this section of the tax code to your advantage? You’ll find out when you read my new article titled Tax Tips: 1031 Tax Program for Vehicles. Three ways our … [Read more...]
Business Loss? Recover with Net Operating Loss (NOL) Strategies
Nobody goes into business to lose money. But if you do suffer a net operating loss (NOL), you can often use it to produce refunds from prior tax years and reduce your taxable income in future years. How? You’ll get the lowdown on how to put an NOL to work for you when you read my new article titled Tax Tips: Business Loss? Recover with Net Operating Loss (NOL) … [Read more...]
Selling Your Business: How to sell intangible assets the right way
Thinking about selling your business? Then don’t forget that it may include some extremely valuable “intangible assets.” Intangible assets include customer lists, goodwill, proprietary software, and much more. If you do decide to sell your business, here is what you need to know: Intangibles sold by your sole proprietorship or single-member LLC. If you sell a … [Read more...]