When it comes to claiming tax deductions, personal assets aren’t of much use. That’s why savvy taxpayers convert those personal assets to business use, slashing their tax bills in the process. Surprisingly, there is an IRS-approved strategy that allows the transformation of personal assets to business assets, potentially unlocking thousands of dollars in depreciation, deductible losses on sale, and Section 1031 exchanges.
The Bradford Tax Institute (http://www.bradfordtaxinstitute.com/pr) in Washington, DC has just released a new article on this topic. “Unlock the Deductions Trapped in Your Personal Assets When You Convert Them to Business Use” explains:
-The right way to depreciate a formerly personal asset and potentially unlock thousands of dollars of tax benefits
-Bonus depreciation and Section 179 expensing. This area can be complicated, and there’s both good news and bad news in these rules that taxpayers need to understand
-How to determine the “basis” of converted property that is subsequently sold–plus a great trick that can be used to save a lot of money
Read the full article (http://bit.ly/1MVauKa) and get a free, no-obligation 7-day trial to all of the tax-saving tips offered by the Bradford Tax Institute. “This trial is absolutely free and there are no strings attached,” says W. Murray Bradford, CPA, President of the Bradford Tax Institute. “That’s a personal promise.”
W. Murray Bradford, CPA, is the nation’s pre-eminent tax reduction expert, with more than 30 years’ experience helping tax advisors, one-owner businesses, and husband-and-wife businesses reduce their income taxes. He has helped over 500,000 one-owner businesses and self-employed professionals save an average of $17,700 in new tax deductions.