To get my complete articlewith all the details… If you got married, it’s very possible your wedding vows included the words, “for better, for worse, for richer, for poorer.” Well, my new article was written to make sure you and your spouse come out “richer” when you claim your Section 179 deductions! A quick definition (by way of a review). Section 179 of the tax … [Read more...]
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2020 Last-Minute Vehicle Purchases to Save on Taxes
Here’s an easy question: Do you need more 2020 tax deductions? If yes, continue on. Next easy question: Do you need a replacement business vehicle? If yes, you can simultaneously solve or mitigate both the first problem (needing more deductions) and the second problem (needing a replacement vehicle), but you need to get your vehicle in service on or before December 31, … [Read more...]
The Insurmountable Sin in an IRS Audit: A Sad and True Story
Do you keep a mileage log that can stand up to a careful IRS audit? You’d better have one because, as we explained in an article we wrote last month, an accurate, well-documented mileage log can keep you out of big trouble. Want to see how bad things can get if you fail to maintain one? We’ll tell you what happened to poor Therone Johnson, when you read the full … [Read more...]
Don’t Let Section 179 Recapture Hurt You
Claiming Section 179 expensing can be a great way to save money on taxes. And no wonder. Section 179 lets your business take an immediate deduction for expenses on certain depreciable assets. But watch out! If you handle your Section 179 deductions the wrong way, you can face some expensive consequences! Specifically, if you violate the agreement you make with the IRS … [Read more...]
Case Study: Trade-In on a New SUV—Reimbursement by Corporation
Meet Joyce. She just decided to trade in her three-year-old vehicle for a shiny new SUV. Sounds like a straightforward transaction, doesn’t it? … but it isn’t! You see, Joyce operates her business as an S corporation and wants the corporation to reimburse her for depreciation and even bonus depreciation. That’s when things get tricky. You see, the Tax Cuts and … [Read more...]