As the end of the year approaches, it’s a good time to think of planning strategies that will help lower your taxes for 2016. My goal is for you to leverage your tax deductions and credits to the fullest extent.
I want to briefly discuss five different strategies that can be powerful tools in lowering your tax bill. And the really great part is that each of these strategies is easy to understand and implement.
As the end of the year approaches, it’s a good time to think of planning moves that will help lower your tax bill for this year. One strategy that will provide big tax deductions is purchasing a vehicle.
If you’re looking for a replacement business car, SUV, van, or pickup truck, then now is the time to act. If you want the deductions, you need to
You recently told me you were expecting to show a loss this year, with deductions that exceed your income, resulting in negative taxable income. I would like to address whether and how the loss can generate valuable tax benefits for you.
The first step involves calculating the loss to exclude some deductions, such as personal exemptions and certain non-business deductions. If, at the end of this computation, the...