By month:January 2011
The new tax law contains some real surprises when it comes to deducting vehicles. In some cases, you can deduct the full cost in the year you place the vehicle in service. In other cases, the luxury auto limits might stretch your depreciation deductions over 30 or more years.
New guidance from the IRS on the new health care law says the owner of a business (proprietorship, corporation, LLC, etc.) may not claim the 35 percent tax credit on the health insurance premiums paid to cover his or her spouse.
The repair deduction can substantially outperform the capitalized improvement. The added cash comes from two sources.
You might think that you are entitled to your Social Security benefits. In fact, that would be logical. Unfortunately, however, it’s not true. You need to plan your benefit collections, or you could lose a huge chunk to taxes.
Tax law penalizes depreciation deductions, whereas it rewards repair deductions. The impact on your net worth can be huge. This article helps you qualify for the repair deductions that increase your net worth.
The new health care law changes the requirements for deducting vitamins in your Section 105 medical reimbursement plan.
Spend a few minutes looking at the list in this article to see what qualifies as a repair. Then spend another minute on the list of improvements. This will help you decide what you need to do to your property.
Repairs to property produce more after-tax cash than improvements do. If you invest in property, you should pay close attention to the rules on what is a repair versus what is an improvement.
[ View / Print full text of all articles in this issue ]