Let’s say it’s time to get rid of your old business vehicle and buy another one. Does it make sense tax-wise to sell it or trade it in? The answer is… it all depends. If you’re going to take a loss, check out last month's article. If you’re going to realize a gain, my new article is for you. You see, it will show you how to maximize your tax benefits and keep money … [Read more...]
How an IRS mistake can cost you big money
It should come as no shock that the IRS isn’t perfect. So what happens when they screw up and their error costs you money? In my new article I’ll tell you how the IRS made just such an error in their publications and instructions — an error that concerns the gross-income limit that applies when you want to claim the home-office deduction and have more than one place of … [Read more...]
Disability policies and the self-employment tax
Here are three extremely important questions that every business owner should know the answers to… Do you have disability insurance? Is your disability protection a traditional disability income policy or a disability “overhead expense” policy? If you become disabled, do you have to pay self-employment taxes on the benefits you receive? You’ll find detailed answers … [Read more...]
How to avoid mistakes converting to an S corporation
The corporate tax rules for creating an S corporation look pretty simple. But looks can be deceiving. In fact, the tax code is full of little-known rules that can bite you if you haven’t done your homework. That’s why I suggest you check out my new article which has two purposes… It can help you avoid the potholes that will knock the wheels off your S corporation. (For … [Read more...]
Winning strategies for business owners of rental properties
When you own both a business and rental properties, you have to answer an important question… How should you structure the ownership of your rentals to limit liability exposure and get the best tax benefits possible? The answers to this question can be tricky. Which is why now is the perfect time to read my new, free article titled Tax Tips: Tax and Liability Answers for … [Read more...]