Category Archives: Uncategorized

Gift-Leaseback

Gift leaseback: How would you like to get a double deduction for your businesd equipment? Concept: Give away depreciated property to relatives and lease it back. You have mostly depreciated the equipment and now get to deduct the lease payment. … Continue reading

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Avoiding Cohan rule: Estimates of deductions usually don’t work

Avoid Cohan Rule: George Cohan was a brilliant actor and producer but kept lousy tax records. The courts, perhaps because the judges loved his plays, allowed him to reconstruct expenses. Sadly, lawmakers did away with the Cohan rule ,which can … Continue reading

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Credit card scams

Newest credit card scams: I just went to a sub shop to pick up an order that I called in. I paid by using my mastercard. My card was swiped and he put the card down on the counter and … Continue reading

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Debt Reduction Techniques

Debt Reduction: You just received $5,000 or so and have various debts that you want to start paying off. Which one should you pay off first? This will sound counter intuitive, however, pay off the smallest debt first! Why, First … Continue reading

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Asset Protection: Where to incorporate

Asset protection: I constantly get asked where should I incorporate, or where should I form an LLC? Surprisingly, I don’t normally recommend doing so in your home state. I usually recommend using a Nevada Corp or LLC. Why? Nevada has … Continue reading

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Asset protection for investment real estate.

Asset protection: Do you own any investment real estate? Even renting out your home is considered investment real estate. If so, you have a LOT of liability that most people don’t realize. As such, most investment real estate should be … Continue reading

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What is the best tax advantaged vehicles to buy in 2011?

Normally, to get this 100% bonus depreciation, you either have to have a net vehicle weight over 6,000 pounds, which means unloaded weight. This is difficult as best. However, meeting the gross vehicle weight test is easier. This means carrying … Continue reading

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Deductible holiday,birthday and other gifts as business gifts

Each year around this time, the holdidays are upon us, and we usually provide year end gifts. Wouldn’t it be great if you can deduct some or most of these year end gifts as well as other types of gifts … Continue reading

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How to get a charitable deduction this year yet make the payments for the deduction next year?

Year End tax planning: Pay all church and Synagogue dues and other charitable contributions by credit card. You get the deductions when the contributions is charged, yet get to pay the credit card next year when you get the bill. … Continue reading

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Overlooked deductions

While I seem to be fixated with overlooked deductions, here are some more: 1. Sale tax is deductible if you don’t take a deduction for income tax. However, in addition to the sales tax tables that IRS provides, you can … Continue reading

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