We’ve written articles before that explained how you can rent your personal residence to your S corporation (or C corporation). Rent it out for 14 days or less and you could get some really nice tax benefits. For starters: Your S corporation will get a tax deduction that flows through to you on the K-1, and… You receive tax-free income from the rental Does this sound … [Read more...]
Entertainment
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I’m going to Disneyland! (It’s deductible!)
Do you ever attend conventions or similar meetings? Great! Your attendance automatically qualifies as you having a “substantial and bona fide business discussion.” And when you precede or follow such business discussions with entertainment that takes place in a non-business setting, you can claim some big deductions. For example, going to a convention at the Disneyland … [Read more...]
Don’t cheat yourself out of business-entertainment deductions
The IRS takes plenty of your money. So why give them even more than they’re entitled to? And you may be doing just that. You see, Uncle Sam’s business-entertainment tax-deduction rules can mislead you into cheating yourself out of totally legitimate entertainment deductions. Want to make sure that you’re taking every penny of every tax deduction you’re entitled to? Then … [Read more...]
The right way to claim business entertainment deductions
Can you successfully claim a business deduction for that breakfast meeting at a hotel? Or dinner at a night club? Or a meeting at a vacation resort? Or a round of golf at your club? The answers to these and related questions can be extremely tricky. Which is why you should check out my new article right now. It explains the crucial difference between “business” and … [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...]