A while ago, we showed you how to deduct the cost of work clothes and laundry services that you buy for yourself and your employees. But in my new article, I’ll show you how to get a deduction for yourself even if you don’t offer a clothing/laundry benefit to all your employees. In other words, to use the language of the tax law, we’ll show you how to “discriminate” … [Read more...]
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How to avoid a payroll-tax embezzlement catastrophe
Could you be the victim of a payroll-tax embezzlement scheme? You bet you could! And, as I’ll explain in my new article, if you are duped, and your payroll taxes don’t reach Uncle Sam, you could wind up paying double your payroll taxes. You could even lose your business! The good news? It’s easy to avoid embezzlement problems if you know a simple prevention technique. … [Read more...]
How to throw a party and get a 100% deduction
Allow me to rewrite the lyrics of a famous song in order to help you cut your tax bill… The party's over, It's time to call it a day And if you’re up on the law, Deduct all expenses away. That’s right. Thanks to Uncle Sam, you can deduct 100% of the cost of your company parties if you follow a few simple rules. The bottom line? Before you crank up the music and the … [Read more...]
How to beat the “discrimination tax” on HSA contributions
Health savings accounts (HSAs) are wonderful for several reasons… They let you contribute to the healthcare costs of your employees without facing Affordable Care Act (Obamacare) problems… there are no minimums to pay… and there’s no insurance to deal with. All you do is make contributions and get a deduction, and your employees get the income as a tax-free fringe benefit. … [Read more...]
How to deduct your clothing and laundry bills
When tax time rolls around it feels as if Uncle Sam wants to take everything you have . . . even the shirt off your back. But there’s a totally legal way to strike back . . . Deduct the cost of that shirt on your back, plus all the clothes you wear for your job. And while you’re at it, deduct laundry and dry cleaning expenses too! I’m not kidding. If you follow IRS … [Read more...]