By month:June 2015
Silver Lining for a Loss on the Sale of Your Home? Deduct Your Home-Office Loss—and Slash Your Taxes
If you have to sell your personal home at a loss, tax law gives you a deduction for the portion of your home you use as a home office or that you use for some other income-producing activity. This is a nice silver lining to an otherwise unpleasant financial situation. It puts money in your pocket.
If your tax debts have spiraled out of control, don’t give up hope. You may be able to use one of four IRS-created relief procedures to reduce or eliminate your debt. And if these methods still aren’t enough, find out whether bankruptcy can eliminate your remaining income tax liabilities.
If you don’t have a log of your business mileage, you are simply looking for trouble. And the IRS is happy to supply the trouble you are looking for. You might think that you just don’t have the time to keep a mileage log, but if you suffer an audit you will regret not spending that time, as you will lose your auto deductions because you did not have a mileage log. In this article, you will find good news that will help you keep a mileage log without spending lots of time.
What happens if you live in a house and make mortgage payments, but someone else owns the property? Can you still get a tax benefit? Absolutely! By proving that you have legal or equitable title to the property, you can deduct up to 100 percent of the mortgage interest you pay. For one subscriber, this generated an extra $18,000 per year of deductions she did not know she could claim.
Don’t Put Your S Corporation Vehicle Title in the Wrong Name! It Could Cost You Thousands in Tax Deductions
You could add hundreds or even thousands of dollars to your wallet simply by putting the title of your vehicle in the right name—whether yours or the corporation’s. That’s about as easy as it gets to earn extra tax deductions. You put the title in the right name and then enjoy your extra cash.
Tax law has an incredible savings opportunity for your child—but only if he or she has a job. And if your child doesn’t have a job yet, you need to put him or her to work in your business, now. A job grants your child some tax-free income and makes your child eligible for a tax-savings retirement account that can create thousands or millions of extra dollars for your child to use for college, retirement, or a first home.
Are You Really an Independent Contractor But Getting a W-2 as an Employee? Change Tax Forms to Cut Your Tax Bill
If your company wrongly classifies you as an employee rather than an independent contractor, you face one of the most unfair rules in tax law—you must pay tax on your deductions for business expenses! Find out why this happens and what you can do to fix it.