Are you a landlord or the lessee? If the answer is “yes,” you can get huge tax breaks when you can take advantage of a qualified leasehold improvement. But if the landlord and the lessee are tax-law defined “related parties,” you can kiss those tax-favored benefits goodbye. For the purposes of a qualified leasehold improvement property, there are fourteen definitions of … [Read more...]
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Last call! Huge deductions for landlords and tenants
If you’re a commercial landlord or tenant, here’s important advice: Consider making and placing in service “qualified leasehold improvements” before midnight, December 31, 2013. That’s right. The IRS is offering some really big tax deductions if you make approved improvements by the end of this year. Time is running out so you should consider getting started soon! Want to … [Read more...]
How to turn antiques into business deductions
It’s a simple fact. Antique desks, clocks, cabinets, bookcases, rugs, conference tables, paperweights, and more, can add character and beauty to your office. But that’s just for starters because: Antiques can make great investments. They often appreciate in value. You can deduct antiques as a business expense if you know how to take advantage of the tax law. You’ll … [Read more...]
How to maximize your first-year, business-vehicle tax deduction
When it comes getting a tax deduction, all vehicles are not created equal. In fact, there are huge differences in what you can deduct, depending on whether you buy a car, a pickup truck, or an SUV. And that’s just for starters. You see, the differences within each of these categories actually depend on the weight of the vehicle! If you want to be a winner the next time you … [Read more...]
Watch out for the “true lease” trap!
You may think that you just bought a new vehicle. Or that you leased a vehicle from your local dealer. But you better be sure that the IRS agrees with you. You see, if the IRS finds that your lease is not technically a “true lease,” or that your purchase is not technically a purchase, you could owe additional taxes and big penalties. Don’t fall into this all-too-common … [Read more...]