If you sell a business that you’ve operated as a sole proprietorship or single-member LLC (treated as a sole proprietorship for tax purposes), you automatically are making an asset sale. To come out a winner, you need to know how the law taxes each of the assets. The good news is that if you know what you’re doing, you can slash your tax bill and collect a lot more … [Read more...]
Is your Swiss banker ratting you out to the IRS?
Do you have money stashed in a Swiss bank account or some other foreign country? Then be sure to report those assets to the IRS. You see, the famed secrecy of Swiss banks is a thing of the past and they’re ratting out customers to the IRS faster than a Swiss clock yells “Cuckoo!” What’s more, the IRS is cracking down mercilessly on people holding assets offshore who … [Read more...]
Deadbeat tenants — a tax perspective
So you’ve got a rental-property tenant who’s behind in their rent. You’re angry. Frustrated. Furious. But hang on for a second. Step back from your emotions and take a clear-eyed look at the tax implications of the situation. There are important facts you really need to understand, and we’ll explain them to you when you read my helpful new article titled Tax Tips: Tax … [Read more...]
Be Alert to Tax Rules That Destroy Mortgage Interest Deductions
If you don’t know how to play the IRS’s game, your mortgage deduction could be at risk. However, if you know your tax law (and we do!), you can mitigate and often eliminate the loss of your deductions. Want to keep the IRS at bay and save a bundle? Read my new article titled Tax Tips: Be Alert to Tax Rules That Destroy Mortgage Interest Deductions. Three ways our … [Read more...]
Install New Audit-Proof $2,500 Expensing ($5,000 with AFS)
Good news for small business owners! The IRS has made an important change to the tax laws that allows you to immediately deduct many expenses you previously had to depreciate! I’m talking about computers, smart phones, tablets, furniture, and even an inexpensive car or truck. My advice? Act quickly to comply with the new law which I explain in my latest article titled Tax … [Read more...]