Last month we explained why it’s vitally important to know the law if you want to successfully deduct a beach house, ski chalet, yacht, hunting cabin, or other “entertainment facility.” In this article, Part 2, you’ll learn how to get a nice tax deduction when you use the facility as compensation to certain others. But, as always when you deal with the IRS, the devil is in … [Read more...]
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How to get a deduction for your “entertainment facilities”
Do you own a yacht, hunting lodge, hunting lease, airplane, beach cottage, fishing camp, swimming pool, ski lodge, or tennis court? If the answer is “yes,” Read my new article that explains how you can claim a hefty business deduction on these “facilities.” Yes. The IRS rules on the subject are pretty strict, but the deductions really are there if you know what you’re doing. … [Read more...]
The right way to provide vehicles for employees
Thinking about providing your employee(s) with a car? Before you hand over the keys, you need to ask yourself an important question. “Will the vehicle be used by the employee for business or personal purposes?” Make sure you have the answer and understand its consequences. Why? Because under one scenario, the car is taxable to your employee. Or, you can provide the vehicle … [Read more...]
Don’t make this fatal tax-deduction error
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...]
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...]