Are you planning to start a new business? Then remember this… Before you open your doors or hang up your shingle, be sure you understand the difference between… Educational expenses you incur before you start your businessEducational expenses you incur after you start your business Why is this so important? Because when you deduct these expenses makes a big … [Read more...]
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Tax reform sticks it to business startups that lose money
There’s a provision in the Tax Cuts and Jobs Act that we believe is terribly unfair to business start-ups and struggling business owners. You see, the rule prevents you from using all your business losses against non-business income if the losses are considered to be too large. (That determination is made by Congress.) If you want to find out how this onerous new law can … [Read more...]
Get a deduction for just thinking!
Thinking about starting a new business? Well, if you know how to play the game, you can begin earning tax benefits as soon as you start thinking about creating your new business! You see, Uncle Sam wants to encourage people to create new businesses so he offers some hefty tax breaks for budding entrepreneurs. He’ll even let you deduct preliminary thinking time! Want to … [Read more...]
How to handle a failed rental-property purchase
If you’re planning on buying a rental property, we hope all goes well and you come out a winner. But what happens if the deal falls through and you lose your deposit, inspection fees, travel costs, etc.? The answer is, Uncle Sam is there to help. That’s right. The law says you can deduct your losses if you follow the IRS’s rules. Want to learn how the tax law can come to … [Read more...]
Two Paths to Deducting Certain Business Education Expenses
Business-related classes or seminars can provide you with a lot of useful information, but often at considerable cost. That’s why learning how to deduct these costs is so important. The first thing you need to know is that are two paths that lead to hefty deductions. Which path should you take? You’ll find out when you read my new article Tax Tips: Two Paths to … [Read more...]