Do you use any of the following for business entertaining? yachts + hunting lodges + fishing camps + swimming pools + tennis courts airplanes + apartments + hotel suites + or similar facilities If you do, you may be able to deduct the use of these “entertainment facilities” and reduce your tax bill. But be careful! The IRS can be tough on these deductions which is why smart … [Read more...]
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How to deduct that trip to sunny Jamaica
Ahh, Jamaica! There you are on that beautiful island for nine sun-drenched days. You’re there to work, of course, but you also want to spend time lounging on the beach with a Daiquiri in hand. Let’s interrupt this fantasy for a moment to ask a rather mundane and practical question. (I am an accountant after all!) “What part of this idyllic trip is deductible — and what … [Read more...]
New Rules Reveal Six Ways to Lower Taxes on Your Personal Use of Your Corporation’s Airplane
If your C or S corporation owns or leases an airplane, or if you own a plane yourself and use it for business, my new article makes must reading. Why? Because the IRS’s final regulations have just been issued and they can have a most beneficial impact on the airplane tax deductions. You’ll find more than a half-dozen strategies you can use to slash your taxes and keep … [Read more...]
Get a double deduction for business entertainment
If you ever plow through the IRS tax laws the way we do, you’ll come across some mighty strange rules. EXAMPLE: Let’s say you participate in a skeet shoot for your favorite charity. What can you deduct for tax purposes? Interestingly, the deductions you get for participating in the charity skeet shoot beat both the regular business entertainment tax deduction and the … [Read more...]
The right way to deduct your employee party
Want to throw a party for your employees? Go ahead and have a ball, but be sure you use the right deduction category! HINT: Don’t deduct your party as regular “business entertainment.” Instead, learn how the tax law gives you a 100% deduction for your employee party and other employee entertainment. My advice? Before you break out the champagne, read my new article titled … [Read more...]