Do you have more than one car in your household? If the answer is “yes,” my new article makes must reading. You see, if you consult the tax code, you’ll discover that you can score some hefty tax deductions by using more than one vehicle for business. What exactly does the IRS have to say about multiple vehicle use? How can you save money by driving more than one … [Read more...]
Depreciation
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Should you buy or lease your business vehicle?
Thinking about getting a new vehicle for your business? Then you have to make a tough decision… Should you buy or should you lease? Unfortunately, deciding which option saves you the most money isn’t always easy. Sure, you’ve got to consider out-of-pocket costs, but you also have to think about how much cash you have available, the tax benefits each approach provides, and the … [Read more...]
Create a deduction for an “entertainment facility”
Do you use any of the following for business entertaining? yachts + hunting lodges + fishing camps + swimming pools + tennis courts airplanes + apartments + hotel suites + or similar facilities If you do, you may be able to deduct the use of these “entertainment facilities” and reduce your tax bill. But be careful! The IRS can be tough on these deductions which is why smart … [Read more...]
Important news about the home-office deduction
When you do your taxes, do you claim the home-office deduction? If the answer is “yes,” and you’re not claiming depreciation as part of that deduction, you could be making a big mistake. Oh, sure. It’s perfectly legal to take a pass on the depreciation, but why do that? If you don’t claim depreciation, you’re probably losing after-tax cash! If you want to learn which … [Read more...]
New IRS property-repair rules save you money
It’s seldom that the IRS retreats and reinstates old rules and regulations that actually save taxpayers money. But that’s exactly what has happened. Thanks to a “re-think” by the IRS, you’ll no longer have to wade through 256 pages of regulations to determine whether your fix-up is a “repair” or an “improvement.” That’s right. The onerous rules that went into effect on … [Read more...]