Are you eligible for a Section 199A 20-percent tax deduction? When you start to answer the question, don’t forget about your capital gains. Why? Because they add to your taxable income which is the key to determining your qualification for some, all, or none of the 199A deduction. Don’t miss this opportunity to find out if a hefty tax deduction is coming your way. Read … [Read more...]
IRS clarifies “reasonable comp.” for S corp. owner’s 199A tax deduction
In August, the IRS released its proposed regulations governing Section 199A of the tax code. That’s the section that created the 20-percent deduction that applies to S corporations and other pass-through entities. I’m glad to report that the new regulations contain some very good news… The reasonable compensation the S corporation pays its shareholder-employees are … [Read more...]
TCJA: Convert Personal Vehicle to Business and Deduct up to 100%
Now is the time to convert! Not your religion. Your vehicle. You see, thanks to the Tax Cuts and Jobs Act, when you convert your personal vehicle to a business vehicle, you could save a lot of money. In fact, upon conversion, you can instantly qualify for a 100-percent deduction on the fair market value of your personal vehicle. Want to find out more about how to use … [Read more...]
How cost segregation can turn your rental into a cash cow
Thanks to the Tax Cuts and Jobs Act, conducting a cost-segregation study on your rental property can put a lot of money in your pocket. What exactly is cost segregation? How can a cost-segregation study on your real property save you big money? It’s really not that hard, but you have to know the IRS’s rules and follow them carefully. To find out how to put this … [Read more...]
How to avoid retirement plan and IRA rollover traps
Thinking about rolling over a qualified retirement plan into an IRA? Go right ahead. It’s usually a smart move because a rollover lets you keep deferring taxes on the rolled-over amount. But be careful. If you don’t follow the IRS’s rules, you could wind up in an IRS agent’s office. Want to learn how to handle retirement plan and IRA rollovers the right way? Read my … [Read more...]