As you may know, the Tax Cuts and Jobs Act tax reform decimated a host of valuable entertainment tax deduction. However, entertainment facilities luckily dodged a bullet and are still 100-percent tax deductible if you follow the IRS’s rules. What are they? You’ll find out when you read my new information-packed article titled Tax Tips: Entertainment Facilities after the … [Read more...]
Vacation Homes
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Tax tips. How to safeguard your home-sale exclusion
Yes. The times they are a-changin.’ Sometimes for the better and sometimes for the worse. Here’s an example of a change in the tax law that could cost you big money if you’re not paying attention… The days when you could convert your rental property or vacation home to a principal residence, and then use the full $250,000/$500,000 home-sale exclusion to avoid taxes, are … [Read more...]
Technique That Increases Deductions on Your Vacation or Other Second Home
Would you like to dramatically increase your second-home deductions by thousands of dollars? Well, keep reading because the Tax Reduction Letter has turned up a perfectly legal, court-approved strategy that can put a lot of money in your pocket. What’s that? You haven’t heard about this before? This should come as no surprise. You see, the IRS doesn’t mention this … [Read more...]
Tax-free rental of your home to your S or C
In past issues of the Tax Reduction Letter, I’ve explained how you can rent your personal residence to your S or C corporation for fourteen days or less. Why would you want to do that? Because, as I’ve said, if you handle the transaction properly, you can get a tremendous double tax benefit… Your S corporation deducts the rent it paid you and then flows that lovely … [Read more...]
How to collect 100% tax-free rental income
It’s a fact… Rental income is just like any other income and you have to pay income tax on it. But there’s a perfectly legal tax loophole that lets you completely exclude certain rental income from taxes! Does this sound good too good to be true? Well, it is true as you’ll discover when you read my new article titled Tax Tips: Learn a Simple Strategy for 100 Percent … [Read more...]