Who says there’s no Santa Claus? Santa (also known as the IRS) has got some great end-of-year gifts waiting for you if you know where to look. You see, thanks to the IRS you can take advantage of some terrific last-minute tax deductions for bonus depreciation and Section 179 expensing on business cars, trucks, vans, and motor homes. And these include those you already own … [Read more...]
Section 179
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Get a bonus depreciation on your trade in
Let’s start with a definition: Your trade-in of a business vehicle or airplane on a like-kind business vehicle or plane is called a “Section 1031 exchange.” The good news is that you don’t pay taxes on a 1031 exchange (unless you receive cash or a reduction in debt). But that’s not all. By using some proven tax strategies, you can make the 1031 exchange even better! Want to … [Read more...]
What’s Best? IRS Mileage Rates or Actual Expenses?
The new tax law has a lot to say about deducting the cost or vehicles. In some cases, you can deduct the full cost in the year you place the vehicle in service! In other cases, the luxury auto limits might stretch your depreciation deductions over 30 or more years! The bottom line? You really need to check out our brand new article titled Tax Tip: With the New Tax Law, … [Read more...]
Landlord’s snowblower deduction
A landlord just purchased an expensive snowblower to clear the walk-ways of his rental properties. Can he “Section 179 expense” his new snowblower, or is he out of luck? The answer to this question is a bit complicated. Which is why you should read my fact-filled new article titled Tax Tips for Landlord’s Snowblower Deduction. Three ways our fact-filled article can help … [Read more...]
Tax tips for amending your Section 179 expense deductions
Have you (or your corporation) been expensing too much or too little? Either way it’s not a problem. You see, you can change the amount you’ve been expensing without a lot of hassle. In fact, you can claim Section 179 expensing even if you didn’t expense a dime in the first year. Want to find out how you can file a 1040X to change your Section 179 expensing? Read our new … [Read more...]