IRA: Traditional or Roth?
Looking to fund your retirement with an IRA? You should know that there are two types: Traditional and Roth. Which [...]
Avoid Filing Separate Partnership Tax Return
As you know, running a business often means filing a separate business tax return. But you may not be aware [...]
Business Car Use: Keep Adequate Records
If you fail to keep adequate records for business car use, the IRS can disallow deductions. You are required to [...]
Related Party Transactions: Planning Around the Matching Rule
The related-party matching rule places your business on the cash method for deducting payments to related cash-method payees. You need [...]
Releasing Your Passive Losses
As you may know, the rental property rules have prevented you from deducting your passive losses in prior years. That’s [...]
Tax Benefits of Hiring Your Child
You can pay your child to work in your business and get paid for paying your child. The basic mechanics [...]
Retirement Savings Mistakes to Avoid
Make one or two mistakes in handling your retirement money, and you could be paying a stiff penalty later in [...]
Avoid Recapture Tax When Selling Your Home
As you likely know, the depreciation you claim with your home-office deduction is subject to a recapture tax when you [...]
What’s Miscellaneous Deductions?
What do we mean by “miscellaneous deductions”? Miscellaneous deductions are tax breaks that generally don’t fit into a particular tax [...]
Get Tax Deductions by Renting Your Home to Your Business
We think you will find this story most interesting. It goes like this: Steve's tax professional tells him that IRC [...]