26th February 2008
Congress recently passed the Economic Stimulus Act of 2008. It's designed to inject $152 billion into the U.S economy. What does this mean to you?
If you own a business, your business can take advantage of two tax breaks: Increased Section 179 Amounts...
15th February 2008
One requirement is that you spend more time in your real property trades or businesses than in ALL OTHER trades or businesses combined. Time spent as an employee in real property activities is counted only if you are a more than a 5% owner in that busine...
15th February 2008
If you ever mailed an envelope containing a monthly payment to a landlord, you qualify as a rent payer. What you might not realize is that the owner of that real estate is getting lots of deductions for expenses related to owning property.
When you own...
08th February 2008
In order to maximize your mortgage interest deduction, you need to first get your house in order. Many people recognize that the deduction for home mortgage interest is one of the most potent tax breaks available today. Most people are surprised at how ...
07th February 2008
Every company's financial statements tell a story about the value of the business. That's why the financial statements are the starting point in any appraisal of a business (commonly referred to as a business valuation).
Here is what every business own...
06th February 2008
One of the biggest tax advantages of owning a rental property is the depreciation you can take on the amount you paid for the property. Of course, the IRS understands that land does not wear out. So, only the portion of the purchase price related to the...
06th February 2008
Expect some changes when you file your 2007 tax return! Here are a few highlights from the Small Business and Work Opportunity Act of 2007.
Do you own real estate?
At the very end of 2007, Congress passed a bill with several tax law changes impacti...
02nd February 2008
No landlord would pay more than necessary for utilities or other operating expenses for a rental property. But, every year, millions of landlords pay more taxes on their rental income than they have to. Why? Because they fail to take advantage of all the ...
02nd February 2008
With foreclosure rates at an all time high, new tax law was passed at the end of 2007 to help homeowners avoid unmanageable income tax debt due to income created from a foreclosure. The new law also covers mortgage renegotiations and other real estate re...
22nd January 2008
Building your own personal wealth team is perhaps the most important step you can take to creating massive amounts of wealth. Why? Quite simply, it's a matter of leverage. At ProVision, we are fond of saying that the three most expensive words in the E...
20th January 2008
When you launch your business and incur expenses before your business is "open for business," then you have start-up costs. Start-up costs are not deductible until your business begins. Your business begins when it is first open for business - meaning i...
16th January 2008
Over the last few years, there have been several incentives, or even requirements, provided by the IRS and state governments to encourage tax filers to file their returns electronically. Statistics show the percentage of e-filers is on the rise. With tax...
