Here’s good news for rental-property owners… Your rental property can serve as a valuable tax shelter when you claim tax deductions for your rental-property losses against your income. But to take advantage of this useful tax shelter you need to: Qualify as a tax-defined real estate professional Pass a “material participation test” for each shelter property We’ll … [Read more...]
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How to deduct a loss on the sale of a timeshare
When it comes time to sell your timeshare, you may not make a lot of money. In fact, in this tough economy your timeshare may actually be sold at a loss. If that’s the unhappy situation you face, you’ll need to know if you can deduct that loss come tax time. As is often the case with the tax law, the rules are pretty tricky. Which is why I urge you to read my brand new … [Read more...]
How to save money by paying more taxes!
No. It’s not a typing mistake. It makes perfect sense to pay more taxes this year if we do head over the fiscal cliff at midnight on December 31. As you probably know, the fiscal cliff refers to major changes in the tax law that will take effect starting January 1 if our lawmakers don’t get their act together. And these changes involve huge tax increases. Which means it may … [Read more...]
Five last-minute ideas for slashing 2012 business taxes
The clock is ticking and 2013 is almost here. But before you start singing “Old Lang Syne,” I urge you to check out five proven ideas that can save you big money on this year’s business taxes. That’s right. It’s not too late to implement some powerful tax planning strategies that will keep money out of Uncle Sam’s pocket… and leave plenty in yours. More good news. These … [Read more...]
Converting a business asset to personal use
Do you have an asset that’s owned by your business that you want to convert to personal use? Maybe a car, a computer, office furniture, or something else of value? If the answer is “Yes,” be careful. VERY careful. You see, when you make a conversion like that, you first could face some recapture and then, after that, the business asset retains its business attributes. Which … [Read more...]