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...]
New federal tax rules for same-sex married couples
As a result of the recent Windsor Supreme Court decision, the IRS issued Revenue Ruling 2013-17. It states that same-sex married couples are to be treated identically to traditionally-married couples for federal income tax purposes. The new ruling makes this the perfect time to review the benefits (and disadvantages) of married status. So, no matter whom the wedding bells are … [Read more...]
How to cruise to a nice deduction
You know you can deduct the costs of business travel. What you may not know is that if you follow IRS rules, you can travel by cruise ship and still claim a hefty tax deduction! But you have to know how to play the game. Which is why I invite you to take my short “Cruise Ship Tax-IQ Quiz.” It’s a fun way to learn more about a little-known section of the tax code that can … [Read more...]
Test your business-entertainment IQ
When it comes to business entertainment, here’s what the IRS has to say… “Eat, drink, and be merry, for tomorrow you pay taxes.” The good news is that you can pay a lot less tax down the road if you understand the IRS’s complex business-entertainment rules and regulations. How well do you know them? You’ll find out when you take my short business-entertainment IQ … [Read more...]