Are you a collector of coins, stamps, baseball cards, or other items? If the answer is “yes,” you should also start collecting some important tax information. For starters, you should know that your collecting activities will fall into one of four IRS-determined tax categories: Hobby Investment Trader Dealer Depending on how the IRS categorizes your collecting … [Read more...]
Losses
Sorted by Date
How to convert business property to personal use?
Do you own rental property that you want to convert to personal use? Or how about proprietorship-owned property like cars, desks, and computers? Then be very careful! You see, when you make the conversion, you’re in danger of triggering the depreciation-recapture tax. And it can cost you plenty. Want to learn how to avoid this tax and keep more money for … [Read more...]
How to turn your C corporation into an S corporation
Thinking of turning your C corp into an S corporation? Be very careful. You see, if you don’t know how to make the conversion the right way, you could a victim of double taxation! Want to learn strategies that can save you thousands of dollars? Easy. Before you make any changes, read my new article titled Tax Tips: Converting a C corporation to an S corporation: Save … [Read more...]
Here’s a great idea for rental property owners!
If you’re a rental property owner you’re probably aware of two important facts: FACT #1: Your rental property provides you with a nice tax shelter when you deduct your losses against your other income. FACT #2: In order to deduct those losses, you have to pass Uncle Sam’s 750-hour test. What you might not know is that your home office can help you pass that important … [Read more...]
How to open the door to a world of new deductions
When it comes to claiming tax deductions, your personal assets aren’t of much use. That’s why savvy taxpayers convert those personal assets to business use and in that way, slash their tax bills. Want to learn how you can make the conversion too… and benefit big time? It’s easier than you think as you’ll learn when you read my new article titled Tax Tips: Unlock the … [Read more...]