When you or your employees have to work late, it’s a real morale buster. But you can provide a big morale booster… and grab yourself a nice tax deduction if you know the law. You see, the IRS offers a 100% deduction when you provide a qualifying “supper money” meal-allowance to those dedicated employees who work overtime. (I know that not everyone calls it “supper” any more… … [Read more...]
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Another way to create 100% deductions for employee meals
They say that “there’s no such thing as a free lunch.” However… If you know the tax law you can deduct 100% of the cost of food and drink when you provide business meals for employees. Yes. I know. Most business meals qualify for just a 50% deduction. But, like I said, Uncle Sam will pick up the whole tab if you know the rules. And in my latest article I’ll tell you about a … [Read more...]
How to avoid the independent contractor trap
Do you hire independent contractors? Then make doggone sure they are independent contractors or you could be caught in a dangerous IRS trap! Here’s the story… The bad news: If you’ve hired independent contractors and the IRS decides that you’ve misclassified them, and that they’re actually “employees,” watch out! You could be on the hook for thousands of dollars in … [Read more...]
Write off your education expenses!
If you want to improve your business skills, Uncle Sam has some good news for you… As you’ll learn in my new article, you can deduct 100% of the cost of: Certain advanced degrees like an MBA Language courses Classes to help you build computer skills Industry seminars And just about any other form of education that helps you build or maintain your business … [Read more...]
How independent contractors mistakenly paid as employees cut their tax bills
Are you paid commissions and taxed as an employee? If so, you could be a business owner under the common law classification system. “So what?” you might say. Well, we’ll tell you what, and it’s a lot! You are likely losing tens of thousands of dollars in business expense deductions each year. You may even think you are getting those deductions, without realizing that they … [Read more...]