[…] A little-know IRS rule allows you to claim losses from federally declared disasters in the previous year – as if they occurred a year earlier. This means that losses from Harvey can be included on your 2016 tax return. If you have not filed your 2016 tax return yet, […]
[…] The loss calculation is very similar to the calculation for your own home, but better: your do not have to worry about the 10% trim. There is more good news: unlike your usual operational losses, your Harvey losses will NOT be limited if your income is too high! […]
[…] Donations of time and labor are not tax-deductible. It does not matter what you did, how much time you spent and how much it was worth – no deduction. You’re allowed to deduct two things related to volunteering: 1. Out-of-pocket expenses specifically related to […]
[…] Just like with dancing and swimming (I happen to suck at both), you cannot learn it from a book. You need to practice. Toastmasters allow you to do it efficiently, cheaply, and safely. Where else can you completely screw it up and not fear people making fun of you forever after? […]
[…] Here is a screenshot of my email exchange with a new client who switched to us for 2014 tax returns. Obviously, this is a big-time investor with multiple REI companies. My comments are […]
New investor? You are CRAZY to spend this Saturday morning on anything else! This Saturday morning, I am teaching the most useful class I have ever taught. It can literally save your business. As I say in this short video – 49 out of 50 new investors LOSE money! Look at these private messages from …
How to (NOT) lose money in REI – Saturday Dec 10 Read More »
[…] Even if there is no assessed tax, there is still trouble. When the state forfeits your rights to do business in Texas, your LLC will not be able to close any real estate transactions, and your bank may freeze your account. You do not want to learn about this on the day of closing, believe me […]
[…] There is one conclusion from reading these posts: stay away from legal and tax advice administered online by liberal arts majors without any professional credentials. Of course, professional credentials are no guarantee of competence, but at least you are less likely to be misled with garbage information […]
[…] Imagine a rather common situation: your rehab is in its final stages, and your GC just called you to report that he found some termite damage requiring another $2k to fix. Since you’re 50/50, you bring a $1k check, and your partner will cover the other half, right? Not so fast. His car or his AC broke this morning, so he is short on cash. Guess who […]
[…] However, the IRS will NOT remove interest on the past-the-deadline payments. This is because the tax law specifically prohibits waiving interest under any circumstances. So, even with the expected extensions, the sooner you pay – the less you pay! […]
