The Best Auto Deduction Strategies for Business Owners in 2024
The Auto Deduction is the best it’s been in over 30 years, with business owners being about to write-off a vehicle faster and with even bigger deductions!
What to do If I can’t pay my Taxes
Are you wondering what to do If you can’t pay your taxes by October 16th this year? Do you feel like you don’t have any options, and all is lost? Are you considering not even filing your tax return at all? The worst thing a taxpayer can do: is to do nothing at all. Here […]
How to Use a Board of Directors or Advisors
Having a Board of Directors or Advisors will be a ‘support team’ in many ways; giving encouragement, advice, and guidance regarding your vision and goals.
Tennessee Rentals and the FONCE Exemption
The FONCE (Family-owned non-corporate entity) Exemption is most common for rental property owners in Tennessee to save on taxes.
Last Minute Tax Strategies Before Filing
There are several HOT deductions that many taxpayers don’t consider and just ‘leave money on the table’. Here are 6 under utilized write-offs that in my opinion should be a healthy line item on any legitimate small business tax return:
The Real Estate Professional Tax Strategy
I’m often surprised how many taxpayers get fixated on being a Real Estate Professional as their primary tax-planning goal, while others avoid it like the plague. Yet, there are still others that don’t even know what the fuss is all about.
When to Use the Domestic Asset Protection Trust (DAPT)
The real question is where the asset is, not where you live. The goal of the DAPT is to protect the ‘asset’ from your liabilities, not to protect ‘you’.
Moving to a Different State to Save on Income Tax
If you’re considering making a move to save on state taxes, create a master spreadsheet with all of the possible taxes, cost of the move, savings in the cost of living, etc., and carefully determine if it makes sense on paper. Then, if does, get to work taking the steps to actually move your residency or domicile. It doesn’t happen overnight.
How Short-Term Rentals are Taxed
More and more real estate investors are adding ‘short-term rental’ properties to their portfolios and with a lot of success. However, many still have questions about where to place them in their tax and legal structure.
