Did you take the Section 179 deduction on the tangible property you bought for your business? Good move … but be careful! You see, the deduction comes with strings attached and if you don’t comply with the tax law, Uncle Sam can show up and “recapture” a lot of money. We’ll show you how to avoid problems and stay on the right side of the law when you read my new article … [Read more...]
2016 tax guide for dealing with a home foreclosure
If you’re facing foreclosure on your home, you probably feel like things can’t get much worse. But they can. You see, the law treats foreclosure as if you sold your home — and you can’t deduct losses on the sale of your personal home. Worse, if the lender sells your home for less than the amount of your mortgage, the lender sends you a 1099-C for cancellation of debt … [Read more...]
Unlock the power of a Section 105 plan!
Sure. Health insurance premiums are sky high. But if you have a properly planned and executed Section 105 plan, you don’t have to worry. You see, this plan works like magic, turning your medical expenses into tax-favored business deductions that save on both income and self-employment taxes. You’ll get all the details when you read my new article titled Tax Tips: Make … [Read more...]
Business Loss? Recover with Net Operating Loss (NOL) Strategies
Nobody goes into business to lose money. But if you do suffer a net operating loss (NOL), you can often use it to produce refunds from prior tax years and reduce your taxable income in future years. How? You’ll get the lowdown on how to put an NOL to work for you when you read my new article titled Tax Tips: Business Loss? Recover with Net Operating Loss (NOL) … [Read more...]
Should your S corporation buy life insurance?
Benjamin Franklin said, “nothing is certain except death and taxes.” True. But there are often great ways to slash your tax bill (as readers of this publication know!). And life insurance can help survivors, even though it won’t do much good for you. So… what about having your S corporation buy life insurance? Is this a good idea? Sometimes it is a great idea. But … [Read more...]