If you own rental property, you need to pay attention to the passive-loss rules. This court case helps clarify two rules that can enable deductions for rental property losses.

When you claim a Section 179 expensing deduction, you make a deal with the government. You agree to give back your early tax benefits if, during the recapture period, your business use drops to 50 percent or less.

Gone are the days of estimating deductions for expenses. Today, you need better tax records than ever. We give you a chart to help you avoid common mistakes, and to see what you need and why you need it.

Most of the business property that you will expense and depreciate in this year’s tax return is MACRS (modified accelerated cost recovery system) property. When you convert this property to personal use, you need to know four rules to avoid recapture problems.

If you do not have a home office, you may not deduct things related to the home, like gas bills or homeowners’ insurance. However, the law allows you to deduct office assets that could produce tax benefits because they would not be considered part of a dwelling.

Bad records can cost you just about every tax deduction. You can testify as to your deductions, but without the records that turns out worthless. When it comes to your taxes, paper talks.

Tax law classifies the business airplane in the listed property category. This means the law requires a log of business and personal use. You deduct your business percentage. To obtain and then retain maximum benefits, you need your business use at greater than 50 percent. Further, the airplane is personal property and that makes it eligible for Section 179 expensing.

Under tax law, your vehicle is considered “listed property.” The IRS has a regulation that applies the $75 receipt rule to listed property.