As you probably know, residential real estate prices are way up in many parts of the country. Rental rates are also very high. That’s why you should consider buying a new residence and converting your current residence into a rental property. Why make this move? Because you can very possibly sell your rental property down the road for a much higher price! But remember … [Read more...]
Capture Your 199A Tax Deduction
Get your 94-page FREE eBook right now. (It normally sells for $129!) “A Practical Guideto the Section 199A Deduction” How to put the powerof this fabulous deduction to work for YOU! (Yours FREE as a “thank you” gift) Dear Business Owner in Search Of A Huge Deduction: I’m writing to tell you that you may be eligible for a deduction of up to 20% of … [Read more...]
Spousal Business and the 199A Deduction
I’d like to ask you a hypothetical question. (If you know the answer, great. If not, I’ll help you out.) Here are the facts of the story you’ll need to know… Fact #1: A doctor operates a medical practice as an S corporation and he’s the sole shareholder. Fact #2: His wife owns an advertising firm that she also operates as an S corporation. She is the sole … [Read more...]
Does A Cash Overdraft Kill Tax Deductions?
Let’s assume for a moment that your checking account shows a negative balance. And let’s also assume that you write checks on December 31. This leads to an interesting question… What’s the best way to report a negative cash balance in your checking account when you pay your S corporation tax-deductible expenses on December 31? We’ll have an authoritative answer for you … [Read more...]
New Partnership Audit Procedures For 2019
Howdy partner! If you run your business as a partnership, or an LLC taxed as a partnership, there are some important things you need to know. For starters, you should be aware that Congress changed the IRS procedures for auditing partnerships. These new procedures take effect beginning with your 2018 partnership tax return. Under the new rules, an audit can lead to a … [Read more...]