Help yourself to a tasty buffet of tax breaks! The new Consolidated Appropriations Actis serving them up now! Read the full article now… “Business Tax Breaks Thanks tothe Recently Enacted CAA” Good news! The new Consolidated Appropriations Act (CAA), signed into law on December 27, 2020, can be a real money saver for business owners like you! You see, the new … [Read more...]
Losses
Sorted by Date
Deducting Business Casualty Losses: You Don’t Need a Disaster
Disasters are always terrible when they strike,but you can reduce the pain! Read the full article to find out how…“Deducting Business Casualty Losses:You Don’t Need a Disaster” Let’s talk disasters.Okay. This isn’t an upbeat subject, but if you’re ever hit with a disaster, you’ll be glad you read the full article. You see, the article explains, in detail, the crucial … [Read more...]
QBI Update: Impact of Negative QBI and Previously Suspended Losses
Section 199A of the tax code can give youa 20% deduction… or a throbbing headache. We’ll give you the details (and a couple of aspirin)when you read the full article: “QBI Update: Impact of Negative QBI andPreviously Suspended Losses” [QBI=Qualified Business Income] Is your business defined by the IRS as a pass-through entity*? (If you’re reading this email, it … [Read more...]
Use the IRS Safe-Harbor Tax Relief for Ponzi Scheme Losses
A good Ponzi scheme can be hard to detect. For example, the schemer may pay 10% interest when the going rate is 5%. But the Ponzi swindler pays the victim’s 10 percent with money collected from other victims. It’s a house of cards that ultimately fails as Bernie Madoff can attest. Victims can lose their entire investments. Why is the Tax Reduction Letterinterested in … [Read more...]
2020 Last-Minute Year-End Tax Deductions for Existing Vehicles
December 31 is approaching fast. Why are we calling attention to this date? Because it’s the last day you can take advantage of some valuable tax deductions you might have overlooked. That’s right. If you know the IRS rules (and we do!), your currently-owned business cars, SUVs, trucks, and vans, (and even your personal vehicles!), can be the source of significant … [Read more...]