Tax Strategies


With the COVID-19 pandemic still going on, you may be spending more time working from your home office. You may have taken some extra rooms for your business use. Is that okay? Section 280A(c) states that you may claim a home office based on the portion of the dwelling that you use exclusively and regularly for business. Thus, the law dictates no specific number of rooms or particulars regarding the size of the office. The courts make...

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Whether you claim a business office in the home or are simply working at home, say because of COVID-19, you likely have some former personal assets that you now use for business.   Ah, new tax deductions!   Yep. Say you don’t claim a home-office deduction but now you are working at home and sitting in the fancy chair you inherited from your grandmother.   Let’s say you use the fancy chair 85 percent for business purposes. Can you...

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Today will share with you one of the best kept secrets of the IRS. It is called Cost Segregation. What is Cost Segregation? In simple terms, cost segregation is a strategic tax planning tool that allows companies and individuals who have constructed, purchased, expanded or remodeled any kind of real estate to increase cash flow by accelerating depreciation deductions and deferring federal and state income taxes. For example, a...

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  “Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one’s taxes”. Supreme Court Justice, Learned Hand  Once you eliminate IRS fear and reduce your chances of an audit, you can be more creative & aggressive with your tax reduction planning. Being creative means to...

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US real estate tax can have a serious impact on the amount of profit made through the purchase and sale of property in the United States of America (USA). It’s a topic that all foreign investors need to understand in order to be invest successfully in the USA. In total, a foreigner investor needs to consider three main areas when it comes to tax; income, capital gains and inheritance tax. The laws are quite complex and require a...

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