As you probably know, your home mortgage interest deductions can save you a lot of money. What you may not know is that a recent court case and a new IRS rule create the possibility of double deductions for single taxpayers who co-own their homes and vacation properties. Want to learn how singles can hit doubles? Read my new article titled Tax Tips: Do New Rules Allow … [Read more...]
Get a deduction for just thinking!
Thinking about starting a new business? Well, if you know how to play the game, you can begin earning tax benefits as soon as you start thinking about creating your new business! You see, Uncle Sam wants to encourage people to create new businesses so he offers some hefty tax breaks for budding entrepreneurs. He’ll even let you deduct preliminary thinking time! Want to … [Read more...]
Avoid these four IRS traps!
No one likes to see their business lose money. But a net operating loss can actually produce one of the best tax deductions the IRS has to offer. You see, a net operating loss can generate tax refunds from prior years and a tax shelter for future years. But be careful! The IRS has set four traps that you must avoid if you want your net operating loss to work to your … [Read more...]
How to buy a business the smart way
Thinking about buying a business? Then one of the most important decisions you’ll have to make is whether to purchase the assets of the business or the ownership interest in the business. And remember, either way there are important legal and tax issues to consider. If you are planning on buying a C or S corporation, a partnership, or an LLC (that’s treated as a … [Read more...]
How to minimize taxes when you work abroad
Do you work in a foreign country? If you do, Uncle Sam has some good news for you. You see, if you know how to play the game correctly, you can reduce or eliminate U.S. income taxes on your foreign-sourced earned income. How can you come out a winner? By using the “foreign tax credit” the right way. We’ll show you how the foreign tax credit can save you big money when … [Read more...]