Careful! You may be the victim of “phantom depreciation.” This occurs when the tax law depreciates your vehicles or other assets without giving you any deductions! Phantom depreciation can cost you money when you fail to elect out of bonus depreciation. But keep your chin up. We’ll explain how to solve your problems when you read my new article titled Tax Tips: Fix Your … [Read more...]
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Grab these 5 year-end business deductions!
December 31st is approaching fast. That’s why, if you act promptly, before people start shouting “Happy New Year!,” you can save a lot on taxes. How? Well, in my new article I’ll outline five money-saving strategies designed to save you money. BIG money. So get going while the going is good and read my new article titled Tax Tips: 2015 Last-Minute Year-End General … [Read more...]
How your closing statement can work for you
Want to save on your tax bill when you buy a rental property? Then pay close attention to the closing statement. If you’re smart, you’ll go over the statement’s line items and assign each to one of three categories… Business Loan acquisition Operations Then you’ll be in a position to consider the best tax strategy for each category. Want to learn how to use … [Read more...]
How to convert business property to personal use?
Do you own rental property that you want to convert to personal use? Or how about proprietorship-owned property like cars, desks, and computers? Then be very careful! You see, when you make the conversion, you’re in danger of triggering the depreciation-recapture tax. And it can cost you plenty. Want to learn how to avoid this tax and keep more money for … [Read more...]
How to deduct the cost of your new business vehicle
What are our lawmakers in Congress up to these days? Not much. For example, they haven’t decided yet whether or not they’ll retroactively enact bonus depreciation and the higher Section 179 expensing limits for 2015 purchases. But lawmaker’s inactivity shouldn’t keep you from buying a new vehicle for your business right now. It really might not pay to wait for Congress to … [Read more...]