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...]
Rental Properties
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How to qualify your rentals for deductions
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...]
How tax-deductible repairs can make you money
Here’s an important fact you should know: FACT: Repairs to property produce more after-tax cash than improvements do! Want to find out more about how repairs can put cash in your pocket? Read our new article titled Tax Tip: The Classic Repair—the Farmer’s Creamery Case. Three ways our fact-filled article can help you: We’ll explain the latest IRS rulings. On November 12, … [Read more...]
Protect yourself in an IRS audit of repairs
IMPORTANT: It’s urgent that you read this new article if you are planning to make repairs or improvements to your property. Take a minute right now and read our latest article titled Tax Tips for Repairs—A Short Litany. Three ways our fact-filled article can help you: We’ll give you examples of repairs that passed IRS muster. We’ve listed eight repairs and that’s just for … [Read more...]
Get better deductions for business/rental building repairs
Did you know that tax law penalizes depreciation deductions, but actually rewards repair deductions. The impact of these facts on your net worth can be huge! If you want to learn how to dramatically increase your net worth by repairing your business and rental buildings, I urge you to read my new article titled Tax Tips: Better Tax Deductions for Repairs to Business and Rental … [Read more...]