The subject of deductions is complicated indeed. (I’ll bet you’ve discovered that for yourself a long time ago!) That’s why, in the current issue of the Tax Reduction Letter we’ll zero in on just one aspect of tax deduction law… Investment interest deductions. When it comes to tax deductions for credit card and loan interest, the tax code doesn’t help you out much. But … [Read more...]
IRS Creates New Path for Undoing RMDs
Sometimes the early bird doesn’t catch the worm. In fact, sometimes being early can actually work against you. Like when you may have taken a required RMD (Required Minimum Distribution) at the beginning of 2020 as many conscience taxpayers did. So… how can paying your RMD early actually be a problem? We’ll explain why this is the case and tell you how you can solve the … [Read more...]
Nine Insights into PPP Loan-Forgiveness for the Self-Employed
Are you self-employed with no employees?Did you apply for a CORVID-19 Paycheck Protection Plan (PPP) loan?Did you already receive your money? Great. Now you need to know how to handle your PPP money so that you qualify for the all-important loan forgiveness! If you have questions about how to proceed legally and come out a winner, you need straight answers. That’s … [Read more...]
Six Insights into the PPP for Partnerships
Do you think the COVID-19 Payroll Protection Plan (PPP) is not a benefit for partners? Well, I’m happy to tell you that the PPP “free cash” program works for partnerships too! How can your partnership take advantage of the PPP automatic cash program? You’ll find outwhen you read my new article titledSix Insights into the PPP for Partnerships. Insight #1: It’s your … [Read more...]
Are Classes in How to Fix and Flip Houses Deductible?
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...]