If you own an S corporation, taking no salary whatsoever can be a smart move or the cause of BIG problems with the IRS. As is so often the case with the IRS, “it all depends.” Do you want to learn the ins and outs of paying zero salary to an S corporation owner? Want to find out what you can do to legally avoid payroll taxes? Don’t miss my new article titled Tax Tips: S … [Read more...]
What rental property managers must report
A rental property manager’s work is never done. And one thing he or she must never forget to do is report gross-rental-income to property owners on a 1099-MISC. This reporting responsibility can be confusing because new laws were enacted in 2010 and then repealed in 2011. Want to end the confusion and find out what property managers really need to report — and what property … [Read more...]
Important news for rental property owners
If you own rental properties, gaining “real estate professional” status can save you a ton of money. Why? Because if you can legitimately claim that you’re a real estate professional you can deduct rental property losses against your other income! Does this mean you have to give up your current career and tend to your rentals 100% of the time? Absolutely not… but there are … [Read more...]
Avoid traps that cut tax-deductible interest on home mortgages
It would be nice if deducting home-mortgage interest were a simple matter. But, of course, it isn’t. In fact, the rules on deducting mortgage interest are quite complex. If you want to avoid giving Uncle Sam more money than he’s entitled to, you had better know the rules. Where can you find them? In my new, free article titled Tax Tips: Make Your Home Mortgages Produce … [Read more...]
When to sell your home to your S corporation
Looking for new ways to save money on your tax bill? Consider this… If you’re thinking of converting your primary residence into a rental property, you could be stuck with your old cost basis and have to pay a lot of tax. However, if you sell your home to your S corporation, you’ll have a new, stepped-up basis for depreciation when you rent to a third party through your … [Read more...]