Do you own rental property? If the answer is “Yes,” then you need to pay careful attention to the “passive-loss” rules. You see, the tax law contains passive-loss rules that often prevent current-year deductions for rental property losses. If you want to avoid dangerous tax traps that can cost you big money, I urge you to read my latest article titled Tax Tips: Tax Loss … [Read more...]
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Good news for gamblers!
If you’re in the business of gambling, you just got lucky. You see, the Tax Court, in a new precedent-setting case, has decided that you may now deduct business expenses in excess of gambling losses! Before you head off to Vegas or Atlantic City, read my fact-filled article titled Tax Tips: New Tax Court Ruling Makes Gamblers Rejoice. Three ways our fact-filled article can … [Read more...]
Don’t let the IRS call your business a “hobby”
Are you running a business that’s losing money? Careful! The IRS might claim that your business isn’t a business at all but a “hobby.” Which means you won’t be able to deduct your losses! My name is Murray Bradford, CPA and the Publisher of the Tax Reduction Letter. I’m writing today to urge you to read my brand new article that may save you a ton of money! CLICK HERE to … [Read more...]
Tax tips for owners of multiple businesses
Did know that when you own more than one business, you need to consider the IRS’s “grouping” rules that apply for passive loss purposes? At first glance, the need for this disclosure may cause you to groan. But it shouldn’t. You see there’s a useful audit-proofing aspect to this disclosure that can actually work for you! You’ll get the details when you read our new article … [Read more...]
Income tax on debt relief
If you are personally liable for a debt, and that debt is canceled or forgiven, you must include the canceled debt as taxable income on your income tax return. Will you have to pay taxes on this income? You’ll find answers to this and other important questions when you read my new article titled Tax Tips: Income Tax on Debt Relief. Three ways our fact-filled article can help … [Read more...]