It’s a fact… Your rental properties can do more than generate income. They may also be able to create losses you can use to offset income from your business! Yes. It’s true. Harvesting rental real-estate tax losses is more difficult now than it used to be, but it’s still possible! Your ability to make use of your losses depends on how much time you spend managing your real … [Read more...]
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How to throw a party and get a 100% deduction
Allow me to rewrite the lyrics of a famous song in order to help you cut your tax bill… The party's over, It's time to call it a day And if you’re up on the law, Deduct all expenses away. That’s right. Thanks to Uncle Sam, you can deduct 100% of the cost of your company parties if you follow a few simple rules. The bottom line? Before you crank up the music and the … [Read more...]
How to qualify for deductions on rental-property losses
Do you co-own or co-manage a business or investment with your spouse? If you do, the tax law can help you out. Big time. You see, there are special IRS rules that allow you and your spouse to beat the IRS limits on deducting the net losses of your rental property, business, or investment. And this can amount to a lot of money! If you want to learn how joint filers can … [Read more...]
How your family can earn you a tax deduction
The family is a great institution for many reasons. But don’t forget this one… You can use your family to slash your tax bill! That’s right. Your family can also be extremely useful from a tax standpoint. In fact, as we head towards 2015, it’s possible that some big family-related deductions are ripe for the picking – if you act by year’s end! Of course, if you want to … [Read more...]
How to turn your vehicles into huge deductions
Here’s good news for small-business owners! Because your cars, SUVs, trucks, and vans are large-ticket business expenses, they can generate enormous tax deductions for you! In fact, these deductions can add up to tens of thousands of dollars, if you act by the end of the year. Yes. Time is running out, but you can still create highly profitable year-end business tax … [Read more...]