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...]
Deduct your swimming pool (and more!) as medical expenses
When it comes to claiming legal tax deductions, your accountant can be your best friend. But your doctor can be a great pal too if he or she suggests you buy certain equipment for your health. That’s right… A swimming pool, ergonomic chair, elevator, and lots more can all be tax deductable if your doctor says you need them! Want to find out more about how to take advantage … [Read more...]
How to save thousands in taxes on your second home
If you own a second home, my new article makes “must” reading. Why? Because a long-forgotten, Tax Court ruling can help you dramatically increase deductions on your second home! By the way, you won’t find any mention of this money-saving strategy in IRS guidance to taxpayers. Unless you study old cases the way we do, you might never know how to save thousands of dollars in … [Read more...]