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Get Paid: Hire Your Child

Get Paid: Hire Your Child

You can pay your child to work in your business and get paid for paying your child. The basic mechanics of this are (a) you deduct the wages and (b) your child pays zero or very little in income taxes. The three points below elaborate on this: The child (a single...
Get Ready to Say Goodbye to 100 Percent Bonus Depreciation

Get Ready to Say Goodbye to 100 Percent Bonus Depreciation

All good things must come to an end. On December 31, 2022, one of the best tax deductions ever for businesses will end: 100 percent bonus depreciation. Since late 2017, businesses have used bonus depreciation to deduct 100 percent of the cost of most types of property...
How Cost Segregation Can Turn Your Rental into a Cash Cow

How Cost Segregation Can Turn Your Rental into a Cash Cow

Cost segregation breaks your real property into its components, some of which you can depreciate much faster than the typical 27.5 years for a residential rental or 39 years for nonresidential real estate. When you buy real property, you typically break it into two...
Combine Your Home Sale With a 1031 Exchange

Combine Your Home Sale With a 1031 Exchange

You don’t often get the opportunity to even consider making a tax-saving double play. But your personal residence combined with a desire for a rental property can provide just such an opportunity. This tax-saving strategy is to combine the tax advantage of the...