Are you the sole owner of a C corporation or S corporation? Are you thinking about retiring? Then before you make any moves, you should read my new article. You see, it explains one of the right ways to transfer ownership to your kids, business associates, employees, or other shareholders. How you handle the transfer can have major tax implications which I explain in my … [Read more...]
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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...]
How to deduct travel by car, train, plane, or boat
If you travel (even a little), you need to know the different modes of transportation you can use and the unique rules and regulations that the IRS applies to cars, trains, planes and boats. Want to find you how to maximize your travel deductions, even when you combine a pleasure with business? Read my new article titled Tax Tips: How to Deduct Travel by Car, Train, Plane, or … [Read more...]
How to avoid the self-employment tax
Are you subject to the self-employment tax? The answer is “no” if your activity doesn’t rise to the level of a trade or business. And if it doesn’t, you could put a lot more money in your pocket. That’s because you won’t have to pay the nasty self-employment tax. If you want to learn how the IRS and the courts determine whether your activity is a trade or business (or … [Read more...]
Create tax-free income for your parents and you
You probably know that you can deduct business lodging travel costs. What you might not know is that you can turn that deduction into tax-free income for your mom and dad. (Or for other relatives or friends for that matter.) How? By paying them rent for your business stays. And that’s not all. You can deduct the business part of the “rent” you pay. Nice, huh? If you’re … [Read more...]