Ahh, Jamaica! There you are on that beautiful island for nine sun-drenched days. You’re there to work, of course, but you also want to spend time lounging on the beach with a Daiquiri in hand. Let’s interrupt this fantasy for a moment to ask a rather mundane and practical question. (I am an accountant after all!) “What part of this idyllic trip is deductible — and what … [Read more...]
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Which conventions and seminars qualify for a deduction
Do you attend business conventions, seminars, or similar meetings? If you do, don’t assume that you can automatically “write off” your attendance expenses. The fact is, you could lose those valuable deductions if the event is held in the wrong location. Or if the “wrong” group of people are in attendance. Or if your purpose for attendance doesn’t meet the standards required … [Read more...]
How to maximize your travel-expense deductions
It’s a pity that so many business owners don’t deduct all the travel expenses that the IRS allows. And it’s not surprising that they’re missing these hefty deductions. You see, the tax code is filled with so many rules and regulations it’s hard to know exactly which deductions you’re entitled to. That’s where my new article comes in. It lists practical and completely legal … [Read more...]
How to deduct travel by car, train, plane, or boat
If you travel (even a little), you need to know the different modes of transportation you can use and the unique rules and regulations that the IRS applies to cars, trains, planes and boats. Want to find you how to maximize your travel deductions, even when you combine a pleasure with business? Read my new article titled Tax Tips: How to Deduct Travel by Car, Train, Plane, or … [Read more...]
How to set up a Roth IRA college fund
It’s a fact. Business ownership can give you fat tax deductions for hiring your children and, at the same time, give your children tax-free income. And that’s just for starters. If you handle things right, your children can open Roth IRAs where they can invest their tax-free income in a college fund. Want to learn how to take advantage of this extremely attractive tax … [Read more...]