Thanks to Section 199A of the new tax law, you could wind up with a nice 20-percent deduction worth as much as $63,000. Or you could wind up with nothing. Zero. Zip. Why is your deduction at risk and what can you do to make sure you come out a winner? Here’s the answer. Take a minute and read my new article titled Tax Tips: Don’t Let the Cliff Kill Your New Section 199A … [Read more...]
Rental Properties
Sorted by Date
Slash Self-Employment Taxes By Renting From Your Spouse
Do you operate your business as a sole proprietor? If you do, you know that Uncle Sam helps himself to a big chunk of your profits in the form of self-employment taxes. To be specific, he’s taking a full 14.13-percent! (That’s 92.35% of the published 15.3 percent because there’s a reduction on Schedule SE.) But hang on a second. There is something you can do to … [Read more...]
4 Ways to Deduct Legal Fees After Tax Reform
As you may have painfully discovered, legal fees can add up fast. In the past, Uncle Sam softened the blow a bit by allowing you to deduct those fees. But be aware. Thanks to lawmakers, tax reform has made it more difficult than ever to write off your legal bills. However, all is not lost… If you research the tax code the way we’ve done, you’ll learn that there are four … [Read more...]
Tax Reform Does Much to Help Your Rental Real Estate
Do you own commercial and/or residential rental property? If you do, the recent Tax Cuts and Jobs Act provides some extremely nice benefits for you. For starters, qualified businesses income from your rental creates a possible twenty-percent tax deduction… and without any effort on your part. Plus, if you want to earn taxable income, the new law gives you enhanced bonus … [Read more...]
New Section 199A Tax Reform Calculator for Your Use
Take the pain out of manually computing Section 199A benefits to use the Tax Reduction Letter’s Section 199A tax-reform calculator If you qualify, the new Tax Code Section 199A offers a 20% deduction on your qualified business income. But the mechanics of making the calculation can be difficult. You have to take into account the type of business structure you’re … [Read more...]