Tax deductions are great. But you have to make sure they’re legal. In my new article, I’ll tell you about Dr. Elick who wanted to create fat deductions but made a devastating error that cost him dearly. You see, he created an Employee Stock Ownership Plan (ESOP) to maximize his deductions, and also created a management services corporation to provide services to his … [Read more...]
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How to get a deduction for parking at the office
As anyone with a car knows, garage parking can cost a bundle. That’s why you should take full advantage of a nice tax break that the IRS makes available. Want to get the story on how to deduct your office parking and your employees’ parking, too? Check out my new article titled Tax Tips: Tax Deduction for Parking at the Office. Three ways our fact-filled article can help … [Read more...]
How to prevent payroll-tax embezzlement
Are your payroll taxes being stolen by an employee? Don’t think it can’t happen to you! Embezzlement is a huge problem that hits small businesses hard in two ways: You’re out the money that was stolen You still have to pay the money you owe the IRS! What can you do to avoid this painful kind of double jeopardy? Easy. Take a moment before trouble starts and read my … [Read more...]
Avoid a fatal mistake with independent contractors
If you’re using independent contractors who are paid on a 1099, be careful. Be very careful. You see, if you don’t handle things exactly right, the IRS may decide that your independent contractors are actually W-2 employees. Which can open a large can of worms. If you want to play it safe and make sure that your independent contractors stay independent, don’t miss my new … [Read more...]
How to avoid the 50% business-meal disallowance rule
Let them eat cake!… but make sure they eat it on your business premises. Seriously, where you entertain, eat a meal, or hold business meetings matters a lot to Uncle Sam and determines how big a deduction you can claim. For example, if you go out and party with your employees, you can enjoy a 100% deduction. But if you have a genuine business meeting with your employees at … [Read more...]