By month:July 2008
The new IRS mileage rates give you an extra $1.60 per gallon. Does this mean that gas prices will go higher? Also, don’t forget to log your mileage correctly to get those deductions.
The IRS standard mileage rates might save you more money in lieu of actual expenses. Note, though, that there are important details regarding who qualifies, what the mileage rate includes. Also, there are a number of common pitfalls to avoid.
Believe it or not, but the AMT could tax mortgage brokers more than their annual income. That’s right: they could make less than $0 this year. We show you why, and how they can avoid this tax disaster.
Traps set by a 1986 tax law still haunt taxpayers today. We can help you avoid some “reforms,” like huge taxes on personal-corporate loans. Instead, make an additional contribution to capital.
The trade of a vehicle on a lease is not a like-kind exchange. It is more like a cash sale, which has its benefits. You can get big deductions if you do it right.
Learn how the IRS just made your life easier. You can deduct more than you thought for starting a business. You can deduct “start up” expenses and “thinking about starting up” expenses. There are important details, however, so read closely.
The Section 105 Medical Plan is filled with important details that you can’t afford to miss. Learn from the Knowles’ problems in court to see what you can do better.
You can avoid recapture with a Section 1031 deferred exchange or a delayed exchange. You can also make your Section 1031 deferred exchange strategy forever, making your deductions permanent.
If you sell an asset, you should know the details about depreciation and Section 179 expensing. You can sell or trade, and choose if you want an intermediary. The result: you could save a lot of money.