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Do You Have a Vacation Home That You Rent Out?

Do You Have a Vacation Home That You Rent Out?

If the average period of rental is less than 30 days, you likely have a choice—either claim the income and expenses on Schedule C, or claim the income and expenses on Schedule E. When Is Schedule C a Good Choice? If you show a tax loss on your rental property,...

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How Do You Multiply Your Net Worth?

How Do You Multiply Your Net Worth?

How do you multiply your net worth? Let the government help. (Stay with me here!...) Here’s how: with both the SEP IRA and the solo 401(k) retirement plans, your investment in your tax-favored retirement... ·       creates tax deductions for the money you invest in...

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Don’t Rob Yourself of the Home Internet Deduction 

Don’t Rob Yourself of the Home Internet Deduction 

Given the connected nature of remote work these days, you likely use your home internet to do a little or a lot of work. The rules that apply to the home internet also apply to all the other expenses incurred while working at home, regardless of whether you claim the...

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Tax-Saving Double Pay

Tax-Saving Double Pay

You don’t often get the opportunity to even consider making a tax-saving double play.   But your personal residence combined with a desire for a rental property can provide just such an opportunity.   The tax-saving strategy is to combine the tax-avoidance...

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