Business expense: If you’re self-employed, expenses like books, magazines, and educational programs that are helpful in running your business are tax dedu...

You pay tax on either all your profit, or half (50%) your profit, depending on how long you held the shares. Less than 12 months and you pay tax on the en...

LLC (taxed as an S corporation) or a shareholder in an S corporation: The LLC member’s, or S corporation shareholder’s, pro-rata share of profits of the b...

As we learned above, the FDIC backs up deposits so if your bank fails, the FDIC will pay back your money, up to their coverage limits. According to FDIC s...

Here are the IRS rules: “Pre-rental expenses. You can deduct your ordinary and necessary expenses for managing, conserving, or maintaining rental property...

Paying Your Property Taxes Early Unlike prepaying your mortgage, there aren’t any rules or regulations saying you can’t pay your taxes early. Though you c...

A Limited Liability Company (LLC) is an entity created by state statute. A domestic LLC with at least two members is classified as a partnership for feder...

A 1099-MISC is only required for purchases of services from unincorporated entities. PPACA would have expanded this to include purchases of goods and purc...

Capital works deductions If a property was built after 15 September 1987 you’d be able to claim 2.5% depreciation each year until it was 40 years old. So,...

A quitclaim deed releases a person’s interest in a property without stating the nature of the person’s interest or rights, and with no warranties of that ...