Good news! Under IRS rules, your vacation home can avoid the dreaded “entertainment facility” disallowance rules. But you have to know exactly how to meet the law’s detailed requirements. In Part 4 of this series on entertainment-facilities, you’ll learn how to use the business-meeting and overnight-lodging rules to turn your cozy vacation home into a cozy tax-deductible … [Read more...]
Precedent
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Using your personal car for S corporation business
Here are four questions every S corporation business-owner needs to answer: Question #1: Is the vehicle you use for your S corporation business titled in your name? Question #2: Is the vehicle your spouse drives titled in her/his name? Question #3: Does your spouse use her/his personal vehicle for S corporation business? Question #4: If your vehicles are titled in your … [Read more...]
Important news for real estate investors!
If you invest in real estate, ask yourself this vitally important question… “Am I a real estate ‘investor’ or a ‘dealer?’” How you answer this question can have huge tax consequences. For example, in a recent case, Mr. Donald Flood filed his tax return expecting to pay $240,000 in federal taxes at the 15% capital gains rate that applies to real estate investors. But the Tax … [Read more...]
IRS and courts approve two-car tax deduction
In my recent article titled Find New Tax Deductions with Two-Car Tax Strategies, I outlined money-making strategies you could use to cut your tax bill. In my new article, I’ll explain some recent and important IRS and tax court decisions and explain why they’re good news for you! If you want to put more cash in your pocket, I urge you to read my new article titled Tax … [Read more...]
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...]