Consider this… Let’s say you sell your business and the sale produces a $5-million capital gain. How much federal tax will you need to pay? The surprising answer is … zero! … not a penny. How can you get this terrific deal? Here’s the answer … operate your business as a tax-code-defined “qualified small business corporation” (QSBC). More good news. The Tax Cuts and Jobs … [Read more...]
Personal Use of Your Rental Triggers Ugly Vacation-Home Rules
Sole use dwellings: If you own a vacation home that only you use, your tax situation is pretty straightforward. Rental dwellings: If you rent a dwelling to a tenant who lives there exclusively, you’re also in good shape. Dual use: When you use the dwelling for both personal and rental use, you create the possibility of tax-free rent, rental property deductions, and extra … [Read more...]
Check Your Beneficiary Designations Now, Before Disaster Strikes.
Are your beneficiary designations listed correctly on key documents? Are they up to date? I sure hope so because you may think that with the generous $1.4 million federal estate-tax exemption, your estate wouldn’t owe any federal estate tax. Or that your estate plan is in good order. But things change. Your wishes change. And things can turn ugly fast if your beneficiary … [Read more...]
Beware: IRS Error in Rental-Property Deduction Publication
Nobody’s perfect. And that’s certainly true of the IRS. But let me be specific about how this hallowed institution messed up… The IRS publication on rental properties contains a serious error. It states that you may not deduct your premiums on mortgage insurance expenses. This is flat-out wrong and we’ll tell you why when you read my new article titled Tax Tips: Beware: … [Read more...]
Free: “Your Guide to Overlooked Medical Deductions”
Don’t miss all the valuable medical deductions you’re entitled to!Important money-saving information is yours with a click… Download your FREE copy of “Your Guide ToOverlooked Medical Deductions" This comprehensive guide from Bradford Tax Institutenormally sells for $79… but it’s yours FREE if you act now! Dear Business Owner: We both know it … medical expenses are … [Read more...]