If you’ve ever considered investing in real estate, this article is for you. And if you’ve never considered it, keep reading because you might just be on the verge of your next big business adventure.

Real estate investing is a big, big world, but we’re going to break things down for you and hopefully make it a little bit easier to decide if this is something you really want to do. We’re going to start by sharing the do’s and don’t’s of real estate investment.

Don’t try to plan as you go. Lack of planning is the biggest mistake you can make as a new investor. A lot of people buy a house because it seemed like a great idea … Read more →

Want the attention of the IRS? All you have to do is make personal transactions on your business account. RED FLAG!

It’s called commingling funds, and it can get you into big trouble at tax time.

No, pleading ignorance will not save you.

What’s The Difference?

Expenses associated with personal products or services, living expenses, or family expenses are not business expenses and generally non-deductable. Buying a new TV, even if you watch a program or two focused on your industry, is no more a business expense than taking Grandma to dinner.

However, if you have expenses that are partly personal and partly business, as long as you divide the total cost appropriately, the IRS permits deduction of the business … Read more →

For as long as the government has levied income taxes, there have been tax loopholes. One of the first, going back to the 1913 tax code, was the non-cash income exclusion. So, if your boss made your house payment, you didn’t pay income taxes on that portion of your salary.  

Alas, that loophole is long gone. But there are many others that many people frequently use. So, the IRS generally does not even ask questions.

Yacht or Second Home

If you have the cash to make one of these major purchases, you are almost certainly looking for ways to reduce your income tax liability. These items are extremely straightforward. Two houses mean two property taxes and other payments. To … Read more →

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