Are you reluctant to claim a home-office deduction because you have a business located elsewhere? Or are you afraid that claiming the deduction will raise a red flag at the IRS and result in an audit? Well, stop worrying! If you follow the law you’ll stay in Uncle Sam’s good graces and enjoy a nice, fat deduction. You’ll get all the facts and start saving money when you … [Read more...]
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The right way to provide vehicles for employees
Thinking about providing your employee(s) with a car? Before you hand over the keys, you need to ask yourself an important question. “Will the vehicle be used by the employee for business or personal purposes?” Make sure you have the answer and understand its consequences. Why? Because under one scenario, the car is taxable to your employee. Or, you can provide the vehicle … [Read more...]
How the IRS turns “Home Sweet Home” sour
“Home Sweet Home” is not a simple concept for the IRS. Nope. They delight in creating complications. Which is why they make the troublesome distinction between your “personal home” and your “tax home.” Depending on how you operate your business and where it’s located, you risk losing your valuable business vehicle deductions! Want to avoid crashing your business-vehicle … [Read more...]
How to get a tax benefit if you total your car (Ouch!)
The IRS has a nice euphemism for a car wreck… They call it an “involuntary conversion.” Of course, no one wants to lose their business vehicle in any kind of crash, wreck, or conversion. But if you ever do (and we hope you don’t!), you should at least get all the tax benefits coming to you. You’ll find out how to get them when you read my new article titled Tax Tips: Ouch! … [Read more...]
How to claim a home-office deduction and keep your outside office too
Do you believe the following statement?… “A home office is not deductible unless it’s your only place of business.” Don’t believe it! It’s a myth! That’s right. If you play by Uncle Sam’s rules, you can claim a valuable home-office deduction even though you have a regular office outside your home. Want to find out how you can save a lot of money by handling your … [Read more...]