Here’s good news for rental-property owners… Your rental property can serve as a valuable tax shelter when you claim tax deductions for your rental-property losses against your income. But to take advantage of this useful tax shelter you need to: Qualify as a tax-defined real estate professional Pass a “material participation test” for each shelter property We’ll … [Read more...]
Does claiming a home-office deduction increase your risk of an audit?
A lot of people believe that claiming a home office deduction is like waving a cape in front of a bull. They think that if they claim this valuable deduction the IRS will react with an audit and put them in a world of pain. But is this true? Does writing off your home office really open a Pandora’s box? You’ll get straight answers when you read my new article titled Tax … [Read more...]
How to get a deduction for parking at the office
As anyone with a car knows, garage parking can cost a bundle. That’s why you should take full advantage of a nice tax break that the IRS makes available. Want to get the story on how to deduct your office parking and your employees’ parking, too? Check out my new article titled Tax Tips: Tax Deduction for Parking at the Office. Three ways our fact-filled article can help … [Read more...]
Deductions for a home office with two businesses
Claiming a deduction for your home office is pretty straightforward. But things can get very tricky when you add a second business, or your spouse claims the same home office for his/her business. If this is a situation you may have to deal with, I urge you to read my new article titled Tax Tips: Tax Deduction for Home Office with Two Businesses. Three ways our fact-filled … [Read more...]
Last call! Huge deductions for landlords and tenants
If you’re a commercial landlord or tenant, here’s important advice: Consider making and placing in service “qualified leasehold improvements” before midnight, December 31, 2013. That’s right. The IRS is offering some really big tax deductions if you make approved improvements by the end of this year. Time is running out so you should consider getting started soon! Want to … [Read more...]