So you’ve got a rental-property tenant who’s behind in their rent. You’re angry. Frustrated. Furious. But hang on for a second. Step back from your emotions and take a clear-eyed look at the tax implications of the situation. There are important facts you really need to understand, and we’ll explain them to you when you read my helpful new article titled Tax Tips: Tax … [Read more...]
Losses
Sorted by Date
Fabulous end-of-year vehicle tax deductions!
December 31 is approaching fast. Which means you have to act now if you want to dramatically lower your tax bill. That’s right… If you act by year’s end, you can claim some hefty deductions on business and personals cars, SUVs, trucks, and vans. We won’t steer you wrong. You’ll get all the important details when you read my new article titled Tax Tips: 2015 Last-Minute … [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...]
How to avoid the “self-rental” trap
Do you rent property to your business? Then be careful. You see, under the IRS’s “self-rental” rule, you could lose money in two painful ways. You could forfeit the juicy tax breaks you’re expecting. You could wind up paying unexpected taxes. And remember, this is true even if you create a separate entity that rents the property to your business! What can you do to … [Read more...]
Tax Secrets of Renting a Bedroom in Your Home
Do you have a spare bedroom(s) that you’d like to rent out? Go right ahead. I’m sure you’d like to pocket some extra cash and put that spare room to use. But be careful. You see, the IRS has set some dangerous traps for you that could cost you big money. If you want to stay on Uncle Sam’s good side, take my advice and read my new article titled Tax Tips: Secrets to … [Read more...]