If you’re claiming the home-office deduction and are planning to sell your home, I’ve got good news for you. Thanks to the principal-residence tax-free exclusion and the “1031 exchange” you can avoid taxes on the sale of your home. What’s more, you can enhance your deductions on your replacement home! Want to get the whole story? Check out my new article titled Tax … [Read more...]
How to get big deductions for Long-Term Care insurance
It’s no fun to think about getting sick and needing long-term care insurance. So here’s a happier thought… If you’re in business, you can probably claim a huge tax deduction for long-term care insurance. In fact, you might be able to claim a 100% deduction. And if you’re married, the 100% deduction can include your spouse! With the cost of long-term care skyrocketing, now’s … [Read more...]
The truth about foreclosures, short sales, and modifications
I sure hope your home isn’t “under water” and that paying your mortgage isn’t a problem. But if you have a relative, friend, or client who is facing difficulties, my new article makes “must” reading. You see, I’ll explain in easy-to-understand language how the tax law treats the foreclosure, short sale, or loan modification on a principal residence. An unpleasant subject? … [Read more...]
How to turn your timeshare into a business
Owning a timeshare can be fun. But getting away from the office and actually using it can be a problem. The good news is that, if you have employees, you can create nice business tax deductions for your personal timeshare when you’re unable to use it yourself. Want to find out how? You’ll get the whole story when you read our new article titled Tax Tips: Create a Business … [Read more...]
When an S corporation should own an S corporation
You may know that organizing your business as an S corporation can be a smart move. But did you know that your S corporation can also own a subsidiary corporation known as a QSub? Why would you want to set up a QSub? Because it gives you extra legal protection, yet avoids any tax increases and allows you to file a single S corporation tax return. To find out more, I urge … [Read more...]