When it comes to charitable giving, it’s possible for you to do good and do well. You see, when you make a charitable contribution through your business, you’ll save a lot more in taxes than if you make the same contribution as an individual. Want to find out how to help others and keep more money in your pocket? Don’t miss my new article titled Tax Tips: How to Squeeze … [Read more...]
How to turn commute expenses into tax deductions
Are you treating your commute as a deductible expense? The bad news. It’s very possible that you’re violating the law. You see, the IRS generally doesn’t let you deduct your expenses for your commute to work. (These miles are “personal miles” and are not deductible.) The good news! As a business owner, it’s easy for you to convert your daily trip into thousands of dollars … [Read more...]
How to beat the “discrimination tax” on HSA contributions
Health savings accounts (HSAs) are wonderful for several reasons… They let you contribute to the healthcare costs of your employees without facing Affordable Care Act (Obamacare) problems… there are no minimums to pay… and there’s no insurance to deal with. All you do is make contributions and get a deduction, and your employees get the income as a tax-free fringe benefit. … [Read more...]
It’s not too late if you missed the S-corporation election deadline
Did you miss Uncle Sam’s deadline for converting your business to an S corporation? Well, it’s not too late to make the change and there are many reasons why you may want to do so. You see, when you’re running your business as an S corporation you can save thousands of dollars in employment taxes every year. And that’s just for starters! More good news… Even if you missed … [Read more...]
How to turn your vacation into a fat tax deduction
QUESTION: What beats taking a dream vacation? ANSWER: Charging it all off as a business expense! That’s right. If you create a solid business reason for taking your trip, and you can throw in enough business hours while you’re away, you can write off your entire vacation as a deductible business expense. Want to fly first class? No problem. Want to stay in the … [Read more...]