Jan 28, 2020 | Tax Tips
The simple maneuver of converting your personal residence to a rental property brings with it many tax rules, mostly good when you know how they work. The first question that arises when you convert a personal residence into a rental is how to determine the...
Jan 21, 2020 | Tax Tips
To help you understand business travel, consider this: You planned a personal trip to Los Angeles, arriving on Friday afternoon and leaving on Sunday afternoon. About a week later, you learn that a vendor you need to meet with is going to be in L.A. when you are. You...
Jan 14, 2020 | Tax Tips
As you likely know by now, your travel meals continue under tax reform as tax-deductible meals subject to the 50 percent cut. And tax reform did not change the rules that apply to your other travel expense deductions. One beauty of being in business for yourself is...
Jan 7, 2020 | Tax Tips
Watch your wallet: the median cost in 2018 for an assisted living facility was $48,000 and over $100,000 for nursing home care. If you could deduct these expenses, you’d substantially reduce your income tax liability—possibly down to $0—and dramatically reduce your...
Jan 2, 2020 | Tax Tips
Nothing stays the same in the tax world, and that’s especially true with your brand-new 20 percent Section 199A tax deduction. In January, an IRS Notice gave you a Section 199A safe-harbor option for your rental properties, possibly making it easier for you to qualify...
Dec 26, 2019 | Tax Tips
The goal of this strategy is to get the IRS to owe you money. Of course, the IRS is not likely to cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes. Here are five powerful...
