It’s a fact… You don’t need a receipt for an entertainment expense that’s under $75. But don’t think the IRS is asleep at the switch. They know that a lot of folks deduct many under-$75 meals, etc., that aren’t legit. What’s more, they can smell fishy entertainment deductions a mile away and, in an audit, make your life miserable if you’re not careful. Want to learn … [Read more...]
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A new way to deduct 100% of employee meals
You probably know that Uncle Sam limits most of your business-meal deductions to just 50% of what you spend. You also probably know that you can ignore the 50% limit and write off 100% of meal-costs under certain circumstances (like throwing an employee party or holding an employee meeting on your business premises). What you may not know is that because of a recent … [Read more...]
Concerned about renting your house to your corporation?
I always enjoy hearing from subscribers to my Tax Reduction Letter. I particularly appreciate it when readers challenge the advice I provide. Why? Because I’m always prepared to back up my money-saving strategies with IRS tax-code citations, tax-court decisions, and more. My readers deserve to get advice they can rely on and that’s exactly what I provide month in, month … [Read more...]
Audit-proof your vehicle and entertainment deductions
A letter arrives in your mail box. It’s from the IRS. It seems they want to go over your vehicle and entertainment deductions. What’s that? You can’t back up all your deductions with a detailed log and an organized file of receipts? Well then, welcome to a world of pain. If you want to avoid getting crushed by an IRS audit, now is the time to act! What’s the first step … [Read more...]
How to deduct your business motor home
Do you use a motor home for business? Are you thinking of getting a motor home for business use? Then you should know that some recent developments are working in your favor. If you want to learn the best way to deduct business use of your motor home and stay in Uncle Sam’s good graces, take my advice. Before you pack your bags and hit the road, read my new article … [Read more...]