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By month:May 2009

Home Equity Loans Pros and Cons—Learn How to Avoid Tax Pitfalls

Your home equity loan can give you a full, partial, or no deduction for your interest. If you will get zero or a reduced benefit, make the necessary changes to protect your tax benefits.


How Does a Home Equity Loan Work with a Rental Property LLC?

If you are using home equity loan proceeds for your rental property LLC, you need to pay attention to both the legal and tax aspects of that transaction. The legal part is needed for liability protection. The tax part is needed to ensure your tax deductions.

How Many Rooms Can You Use for Your Home Office?

This court case shows how an office in the home may have than one room that qualifies for deduction.

S Corporation Setup Destroys Tax Savings

You may not claim a home office deduction when you rent your home office to your S corporation employer. Therefore, redo this arrangement by taking advantage of your employee status.

Apply Section 179 Expense against W-2 Income

Section 179 expensing is available against business income. For this purpose, business income is defined to include, among others, W-2 income.

Rental Property Tax Rule Surprise—How to Avoid

Whenever possible, you want your rental property to avoid the Uniform Capitalization Rules. If you don’t meet the de minimis rule on your improvements to a rental property, you may have to (1) capitalize the interest and (2) capitalize the direct and indirect costs.

How Often Can the IRS Audit?

The IRS has a procedure in place where you can ask “not to be audited” this year for the same items for which you were audited last year.

Education Deduction for CFP

You may deduct education that improves or maintains the skills you need in your current business, if this education does not qualify, or lead to qualifying, you for a new or different business.


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