April 30, 2017

Let me give you a few things to consider:

  • There’s a way for your corporation to buy the stock of an S corporation and treat the acquisition as a tax-favored asset purchase.

  • Your corporation can qualify for this same favorable asset purchase treatment when it acquires a C corporation owned by a C corporation (think subsidiary here).

  • And if you decide to make the purchase individually or with some fe...

April 23, 2017

First, should you own the vehicle in your personal name, or should you have your corporation own the vehicle?

Let’s say that it makes financial sense for you to own the vehicle personally.

In this case, you could deduct the vehicle expenses on your personal tax return or have the corporation reimburse you. I don’t recommend the personal tax return deduction for three possible reasons:

  1. You could receive no dedu...

April 16, 2017

My tax professional tells me that IRC Section 280A allows me to rent my entire home to my S corporation for 14 days or less during the year and get big tax deductions.

In the example, he explained that I could charge my S corporation $1,500 for each day of use. This rate equals what I would have to pay to rent a home that’s pretty much like mine. Say I rent the home for 14 days. That gives the S corporation a $2...

April 9, 2017

When you're thinking of refinancing your home mortgage, simply comparing interest rates is not enough. Here are some other factors to consider before you refinance.

Compare apples to apples. Always request a good-faith estimate from any lender. This report should disclose all the fees and closing costs, such as points, credit report fees, inspection fees, private mortgage insurance, and appraisal fees. Use this...

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