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Deducting vacations for both US and Canadians

Deducting “vacations”: Normally vacations aren’t deductible,but if you can do sufficient daily work, the daily living expenses are deductible. You are on business travel whenever you are sleeping away from home overnight conducting business. The key is that your primary purpose of the trip is for business. Thus, if your primary business is to have...Read More

Two week rental loophole

Two week loophole: If your total rental period is for 2 weeks or less, 100% of the rental income is tax free. Thus, if you were to rent out your home for the Olympics for two weeks to NBC and charge $25,000 a week, the total $50,000 is tax free. Caution: Since the rent is...Read More

Solar panels and energy credits

Solar panels have long been recommended by me because of the whopping 30% tax credit that you get not to mention the substantial savings from the energy that they generate. HOWEVER, there has been an increase in recent thefts of solar panels especially in remote locations Most thefts occur in remote areas but no where...Read More

Pension maximization

Do you qualify for a pension from your employer? Is a reduced pension option available to your spouse in case you die? WAIT: Read over this post very carefully. Although taking a reduce pension in order to get your spouse payments for life seems like the right choice, it usually isn’t! Read over the comments...Read More

Tax debt reduction firms.

Be wary of firms that advertise about getting you out of large IRS debts for pennies on the dollar. I am sure that you have seen many firms on TV, such as Roni Deutch , Tax Masters, J.K. Harris and others advertising that they can get you out of your IRS debts for pennies on...Read More

What do you do if your records were distroyed?

Lower Your Taxes What do you do if you have lost or destroyed records?You can use the desperation , otherwise known as reconstruction method. IRS and CRA allows you to reconstruct your records if they were lost due to circumstances beyond your control such as flood, fire, earthquake,theft. You can’t reconstruct records if they were...Read More