December 31 is right around the corner. Which means now is the time to take advantage of vehicle deductions. I’m talking about extremely valuable deductions you may be able to take on your currently-driven business cars, SUVs, trucks, and vans. But time is running out and you need to act before the end of the year. That’s why I urge you to take a minute right now and read … [Read more...]
Self-employment Tax
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Four 2018 last-minute Section 199A tax strategies
2018 is the first year you need to do year-end Section 199A tax planning. And if you fail to plan, there are consequences. Big consequences. For starters, you could miss out on the huge 20-percent deduction you may be entitled to. Ouch! But don’t worry. It’s not too late to bring your Section 199A deduction back to life. The first thing you need to do is take a minute … [Read more...]
Does the spouse partnership really work?
As we explained in a past issue of the Tax Reduction Letter, a spousal partnership can save you a lot of money on taxes. More money, in fact, than a sole partnership or S corporation can. But some of our readers have asked us if an IRS attribution rule (that applies to spouses who conduct passive activities) kills the spousal partnership strategy. Our answer is an emphatic … [Read more...]
To cut your taxes, make your spouse a business partner
Are you running your business as a sole proprietorship or S corporation? Then I’ve got important news for you… Thanks to recent tax reform, a properly structured spousal partnership can actually serve as a better choice of business structure. If you want to learn how adding your spouse as a partner in business can significantly cut your taxes, read my new article titled … [Read more...]
When to avoid a 1031 exchange
As you may know, a Section 1031 exchange can serve as a highly effective tax strategy. How? By helping you defer paying taxes. Always a good thing. What you may not know is that there are two times when a 1031 exchange can work against you. Want to learn how to steer clear of two traps the IRS has set for you? Read my new article titled Tax Tips: The TWO Times to … [Read more...]