Do you operate your business as a sole proprietorship? If the answer is “yes,” you know that Uncle Sam takes a big share of your profits in the form of self-employment taxes. But there’s good news… With the help of your spouse, you can reduce your self-employment tax bill by using an innovative but simple rental strategy. You see, if you rent an office from your spouse, you … [Read more...]
How to supercharge your travel deductions
If you ever travel away from home on business, my new article makes “must” reading. Why? Because if you know how to play the business-travel deductions game, you can save a ton of money. Want to learn when you can deduct business-travel meals and lodging, and how to turn “personal days” into “business days”? You’ll get this information and a lot more when you read my new … [Read more...]
The truth about home equity loans
There’s no place like home. And one way to extract value from this important asset is to take out a home equity loan. After all, interest rates on home loans and home-equity lines of credit are currently low. But, before you sign on the dotted line, you need to know how the tax law treats these loans. For example, you should learn… How much interest you can deduct What … [Read more...]
The smart, safe way to lend money to an employee
Shakespeare wrote… “Neither a borrower nor a lender be.” That may be good advice in theory, but in practice you may want to make a loan to an employee who’s going through tough times. Lending money to an employee can be a thoughtful act that builds loyalty, but it can also put you in a tough spot if the debt goes unpaid. If you want to learn how to protect yourself … [Read more...]
Tax tips for the S corporation owner with a home office
Do you operate your business as an S corporation? Do you also claim the home-office deduction? If you’re answering “yes,” here’s some very good news… With the right tax planning, you can sell your home (containing the office) and defer or completely eliminate your tax bill, including recapture for any depreciation that you claimed! Want to find out how? Easy! Read my new … [Read more...]