If you have a home office, be careful! IRS Form 8829 gives you the impression that you should only use the gross-square-footage method for computing your home office deduction. Not true! We’ll show you a way to compute your deduction that’s always superior to the gross-square-footage method. Want to find out how you can legally wind up with more money in your … [Read more...]
Tips for Best Tax Result on Vehicle Disposition
Thinking of selling or trading in your business vehicle? Then pay attention because you may be able to save yourself a bundle. You see, when you sell or trade in your vehicle, one of two things is produced … a taxable gain or a deductible loss. And how you handle your gain or loss has real tax implications. Want to learn how you can get the best tax deduction available … [Read more...]
Selling your business? Cut your tax bill!
When it comes time to sell your business, smart tax planning is essential. And our new article can help. It’s important to know that when you sell a business that has zero-based receivables and/or self-created goodwill, special tax-planning considerations should be taken into account. And if you operate as a C corporation, you need extra planning because you may be exposed … [Read more...]
Increase your office depreciation rate by 42%
They say the key to success in real estate is “location, location, location.” But location is also important when it comes to your office. If your office is in your single-family home, you have to depreciate that office using the 39-year depreciation method. But if you locate your home office (or other office) in a duplex or apartment building you own, you might qualify … [Read more...]
Avoid the Big Triple-Tax Whammy When Renting to Relatives
Who would you rather rent to? A relative you know well and trust, or a total stranger who may wind up trashing your property? The answer’s obvious, but if you rent to a relative you have to be careful. You see, the IRS insists that you comply with strict fair-rent regulations and rules concerning your relative’s use of your property. Break the law and you could lose all … [Read more...]