Bradford and Company Tax Reduction Expert Explains What You Need to Know Before Gifting Your Business Car or Other Business Property
San Rafael, CA, December 31, 2009 --(PR.com)-- When you get a new business car, what do you do with the old one? Give it to your son or daughter? Tax reduction expert, Murray Bradford, in his article, “Beware When You Gift Business Property,” gives you five things to avoid when you give an old business vehicle or some old business furniture to a friend or loved one.
This article, published in the December 2009 issue of Tax Reduction Letter, is available along with all other articles from the last 90 days with a 7-day free trial to the Bradford Tax Institute. Full access to the archives lets you in to more than 460 articles and is available to anyone who subscribes at Bradfordtaxinstitute.com.
“Because you are in business, you need to know and beware of Section 179 and myriad depreciation recapture rules,” said Bradford, whose expertise in tax reduction comes from over 40 years in accounting, including a lengthy stay at Price Waterhouse. “A simple thing like giving your old business car to a child triggers a minefield of potential tax problems.”
Publisher of the Tax Reduction Letter, tax reduction expert Murray Bradford, CPA, has over 30 years of experience in developing and implementing small business tax reduction strategies, and is the founder of several tax reduction strategy businesses. Quoted in national publications such as The Wall Street Journal, and featured on national programming such as Financial News Network (now CNBC), Bradford has helped more than 500,000 self-employed taxpayers realize an average of $17,700 in new tax deductions. His popular courses provide real-world small business tax advice.
There are several types of gifting that can cause problems, according to Bradford’s article, including gifts to children, gifts of listed property, and Section 179 assets. All of these decisions will add stress to your tax season unless you know the proper avenues to take.
It is possible to give these gifts in a way that can benefit both parties. The important part is understanding that just giving that old business car to your daughter is not going to work; you have to make sure that you avoid the “kiddie tax” category, or that the gift to your father does not trigger recapture of expensing or depreciation.
“Over the past 20 years, lawmakers have applied layers of recapture rules to the loss-destruction rules, all designed to complicate your taxes and take tax money from you,” said Bradford. “Don’t make exciting gifts. Gift only after you know the tax consequences of the gift.”
Taxpayers and tax professionals can view a Bradford Tax Institute video tutorial and learn how to gain access to nearly 500 Tax Reduction Letter articles at Bradfordtaxinstitute.com. Each presents tax reduction tips in plain English for all to understand, and also annotates the strategies for the most savvy accounting professionals. Articles published within the past 90 days are available through a 7-day free trial of the Bradford Tax Institute. Readers who decide to subscribe to the Tax Reduction Letter right now, however, receive immediate access to the entire archive.
"Tax Strategies for the Self-Employed (2009)" is also available. In this annual course, Bradford shares tax deduction tips designed to help one-owner and husband-and-wife businesses navigate the maze of rules they must follow to properly determine and report their income. Readers who order this tax reduction course immediately gain access to 171 tax lowering strategies that draw on Bradford's expertise from 40+ years in accounting. His tutorial on S corporations, for instance, is one such strategy, made available for free. Those interested may first watch a video that shares seven free insights into reducing and audit-proofing their taxes at Bradfordandcompany.com.
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About Murray Bradford, CPA, Tax Reduction Expert
Tax reduction expert Murray Bradford, certified public accountant and publisher of the monthly Tax Reduction Letter, has years of experience in developing and implementing small business tax reduction strategies. His website, the Bradford Tax Institute, is home to a vast archive of Bradford's articles from the Tax Reduction Letter. Following nine years at Price Waterhouse, where he twice enjoyed the distinction of being selected to serve in the firm's Washington, D.C. national office, Bradford launched his tax reduction strategies businesses to focus on lowering taxes for one-owner and husband-and-wife businesses. Bradford has since helped more than 500,000 self-employed taxpayers realize an average of $17,700 in new tax deductions. His courses, including "Murray Bradford's Tax Strategies for the Self-Employed (2009)," are veritable goldmines of real-world small business tax advice. The news media regularly turn to Bradford for his tax strategy expertise, which he has shared in print publications and on radio and television programming, such as "CBS News Nightwatch," Financial News Network, KCBS, KGO-TV, KGO-radio, WFAN, WABC-TV, Fox, NPR, CNBC, The Wall Street Journal, The New York Times, Changing Times, Chicago Tribune, Money, Fortune and USA Today. A former Marine and author of several books, Bradford is an active member of the American Institute of Certified Public Accountants, the California Society of CPAs, the Minnesota Society of CPAs, and the Greater Washington, D.C. Society of CPAs.
Readers may turn to Bradford's Youtube page for his latest thinking on matters tax-related.
Anyone may follow Bradford on Twitter (http://twitter.com/taxreductioncpa), visit his profile on Facebook (http://profile.to/taxreductioncpa), and connect with him on LinkedIn (http://www.linkedin.com/in/murraybradfordcpa).
The media may contact the following individuals:
Barry Horton
Regional Resource Manager, Tax Reduction Letter
7 Mount Lassen Dr., Ste. C258
San Rafael, CA 94903
bhorton AT bradfordandcompany DOT com
PHONE (direct): 415-446-4340
FAX: 415-446-0127
Murray Bradford
Tax Reduction Expert
Bradford Tax Institute
San Rafael, CA
415-446-4340
415-446-0127
This article, published in the December 2009 issue of Tax Reduction Letter, is available along with all other articles from the last 90 days with a 7-day free trial to the Bradford Tax Institute. Full access to the archives lets you in to more than 460 articles and is available to anyone who subscribes at Bradfordtaxinstitute.com.
“Because you are in business, you need to know and beware of Section 179 and myriad depreciation recapture rules,” said Bradford, whose expertise in tax reduction comes from over 40 years in accounting, including a lengthy stay at Price Waterhouse. “A simple thing like giving your old business car to a child triggers a minefield of potential tax problems.”
Publisher of the Tax Reduction Letter, tax reduction expert Murray Bradford, CPA, has over 30 years of experience in developing and implementing small business tax reduction strategies, and is the founder of several tax reduction strategy businesses. Quoted in national publications such as The Wall Street Journal, and featured on national programming such as Financial News Network (now CNBC), Bradford has helped more than 500,000 self-employed taxpayers realize an average of $17,700 in new tax deductions. His popular courses provide real-world small business tax advice.
There are several types of gifting that can cause problems, according to Bradford’s article, including gifts to children, gifts of listed property, and Section 179 assets. All of these decisions will add stress to your tax season unless you know the proper avenues to take.
It is possible to give these gifts in a way that can benefit both parties. The important part is understanding that just giving that old business car to your daughter is not going to work; you have to make sure that you avoid the “kiddie tax” category, or that the gift to your father does not trigger recapture of expensing or depreciation.
“Over the past 20 years, lawmakers have applied layers of recapture rules to the loss-destruction rules, all designed to complicate your taxes and take tax money from you,” said Bradford. “Don’t make exciting gifts. Gift only after you know the tax consequences of the gift.”
Taxpayers and tax professionals can view a Bradford Tax Institute video tutorial and learn how to gain access to nearly 500 Tax Reduction Letter articles at Bradfordtaxinstitute.com. Each presents tax reduction tips in plain English for all to understand, and also annotates the strategies for the most savvy accounting professionals. Articles published within the past 90 days are available through a 7-day free trial of the Bradford Tax Institute. Readers who decide to subscribe to the Tax Reduction Letter right now, however, receive immediate access to the entire archive.
"Tax Strategies for the Self-Employed (2009)" is also available. In this annual course, Bradford shares tax deduction tips designed to help one-owner and husband-and-wife businesses navigate the maze of rules they must follow to properly determine and report their income. Readers who order this tax reduction course immediately gain access to 171 tax lowering strategies that draw on Bradford's expertise from 40+ years in accounting. His tutorial on S corporations, for instance, is one such strategy, made available for free. Those interested may first watch a video that shares seven free insights into reducing and audit-proofing their taxes at Bradfordandcompany.com.
###
About Murray Bradford, CPA, Tax Reduction Expert
Tax reduction expert Murray Bradford, certified public accountant and publisher of the monthly Tax Reduction Letter, has years of experience in developing and implementing small business tax reduction strategies. His website, the Bradford Tax Institute, is home to a vast archive of Bradford's articles from the Tax Reduction Letter. Following nine years at Price Waterhouse, where he twice enjoyed the distinction of being selected to serve in the firm's Washington, D.C. national office, Bradford launched his tax reduction strategies businesses to focus on lowering taxes for one-owner and husband-and-wife businesses. Bradford has since helped more than 500,000 self-employed taxpayers realize an average of $17,700 in new tax deductions. His courses, including "Murray Bradford's Tax Strategies for the Self-Employed (2009)," are veritable goldmines of real-world small business tax advice. The news media regularly turn to Bradford for his tax strategy expertise, which he has shared in print publications and on radio and television programming, such as "CBS News Nightwatch," Financial News Network, KCBS, KGO-TV, KGO-radio, WFAN, WABC-TV, Fox, NPR, CNBC, The Wall Street Journal, The New York Times, Changing Times, Chicago Tribune, Money, Fortune and USA Today. A former Marine and author of several books, Bradford is an active member of the American Institute of Certified Public Accountants, the California Society of CPAs, the Minnesota Society of CPAs, and the Greater Washington, D.C. Society of CPAs.
Readers may turn to Bradford's Youtube page for his latest thinking on matters tax-related.
Anyone may follow Bradford on Twitter (http://twitter.com/taxreductioncpa), visit his profile on Facebook (http://profile.to/taxreductioncpa), and connect with him on LinkedIn (http://www.linkedin.com/in/murraybradfordcpa).
The media may contact the following individuals:
Barry Horton
Regional Resource Manager, Tax Reduction Letter
7 Mount Lassen Dr., Ste. C258
San Rafael, CA 94903
bhorton AT bradfordandcompany DOT com
PHONE (direct): 415-446-4340
FAX: 415-446-0127
Murray Bradford
Tax Reduction Expert
Bradford Tax Institute
San Rafael, CA
415-446-4340
415-446-0127
Contact
Bradford and Company, Inc.
Barry Horton
415-446-4340
www.bradfordtaxinstitute.com
Barry Horton
415-446-4340
www.bradfordtaxinstitute.com
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