If you’ve been eyeing those sleek new iPods, but you didn’t like the price tag, Uncle Same wants to help you buy one. Before I go on, here’s the standard CYA…I’m providing this as information only. It’s up to you and your tax professional to figure out if this is indeed a legitimate tax strategy [...]
OVERVIEWSection 1031 in allows you to exchange “like-kind” investment properties without triggering the payment of capital gains tax. As your property assets appreciate in value you have the ability to upgrade into larger properties with greater cash flow. Section 1031 also gives you the flexibility to exchange your rental properties that have appreciated in value [...]
Nowadays, every department in the governmental or private sector boast a digital nervous system – as Bill Gates put it in his best seller Business at the Speed of Thought – through which it interfaces with the public, listen to the grievances and carries out or facilitates various services. Our current topic of discussion, is [...]
The new IRS rules for vehicle donation went into effect January 1, 2005. “The new rules have significantly changed the amount most donors can deduct for their car donation”, according to Karen Campese, CEO of cars4charities, a national non-profit car donation center. “The old law allowed the donor to deduct the fair market value of [...]
This is the next installment in a world of incredibly fun sports games played with dice. In the first installment I taught you how to play the college version of “Dice Football”. That was the simplest of all my dice sports games. Now it is time to start getting a little more complex. As, in [...]
Hiring employees should never be taken lightly, especially when they are going to be doing your bookkeeping! Without good financial reports, you have no idea how your business is doing. Garbage In = Garbage Out. Input is critical to having a successful business report that you can utilize in your management decisions. These same requirements [...]
We all love computers and the fact that it exists to make our jobs simpler. And they have invaded the field of taxation like never before. A multitude of tax deduction software is available in the market at dirt cheap prices. 1. for complex tax returns: If you have a huge business or multiple entries, [...]
This is an exciting time of the year for many American consumers, as tax time approaches. No, most people are not too excited about filing their income tax return, but most people receive a refund each year, and this year that refund averages out to a little more than $2000. That windfall is usually quickly [...]
With tax season just around the corner it is never too early to start thinking about available tax deductions. Small business tax deductions are important to ensuring that you are getting all the return that is possible. Some tax deductions for small businesses are: * Office furniture * Office equipment and supplies * Software and [...]
How, you might ask, can I avoid paying capital gains taxes until the ripe old age of 70? Well, this tool, which has been around since the 1950’s, is shockingly unknown to the vast majority of Americans. Sadly, who knows how many millions of dollars have been paid in capital gains taxes that could have [...]