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Borrowing on Your Life Insurance

Life insurance cash value: I just came across a chilling case that reminded me of why I don’t like permanent life insurance. Mr. Brown, an attorney, was told that he should have whole life. He could pay a few years of premiums and borrow the rest. The borrowing would be tax free and used to...Read More

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