House Flippers: The Tax Classification That Matters Most To get my complete article with all the details… Your first house flip didn't go as planned. Instead of a profit, you ended up with a sizable loss. Now comes the important tax question: Is that loss fully deductible this year—or are you limited to deducting just $3,000 annually? Here are three reasons … [Read more...]
S Corp. Owners: Don’t Miss These Overlooked Health Deductions
S Corp. Owners: Don't Miss These Overlooked Health Deductions To get my complete article with all the details… Most S corporation owners know how to handle medical insurance. But what about dental, vision, and Medicare premiums? The answer could mean the difference between an above-the-line deduction and little—or no—tax benefit. Here are three reasons this … [Read more...]
Is Your Spouse Or Side Job Costing You The Home-Office Deduction?
Is Your Spouse Or Side Job Costing You The Home-Office Deduction? To get my complete article with all the details… Maybe you run your business from a home office, and your spouse uses the same room for their own side venture — or you sneak in some W-2 work at that desk between client calls. It feels harmless. It isn't. Under a precedent-setting Tax Court ruling, … [Read more...]
Multiple Businesses? Your 199A Deduction May Be Shrinking
Multiple Businesses? Your 199A Deduction May Be Shrinking To get my complete article with all the details… You've grown past one business — maybe a rental property, an S corporation, and a Schedule C side venture all under your name. Each one qualifies for the 20 percent Section 199A deduction on its own, or so you'd think. But once your taxable income climbs past … [Read more...]
Turn the IRS Into Your Lending Partner by Deferring Capital Gains
Turn the IRS Into Your Lending Partner by Deferring Capital Gains To get my complete article with all the details… You've built something valuable — a rental property, a business worth seven figures, maybe stock in a company you helped grow. Now you're ready to sell, but there's a shark in the water: the IRS can shred a quarter or more of your windfall before you … [Read more...]