Are you a collector of gold, antiques, or stamps? If you are, it’s important to know the relevant tax laws. You see, if you understand the IRS’s rules and regulations, you may be able to deduct a lot of your expenses and slash your tax bill! Want to learn how proven, completely legal techniques can save you big money? Then start collecting the money-saving ideas you’ll … [Read more...]
When it’s smart to ignore the tax law
Don’t get me wrong! I’m very much in favor of following the tax law to the letter. But there is one section of the law that you shouldn’t take seriously. It’s the part that gives you the impression that saving your receipts isn’t always necessary. While the law may not always require receipt-keeping, Uncle Sam always requires proof. And if you don’t have receipts, you’ll … [Read more...]
How to protect your home-office deduction
Your home office can provide you with a valuable tax deduction if you comply with all the IRS’s rules and regulations. However, if you work at your company office as well as at home, you could be putting your home-office deduction at risk. How can you work at both locations and still protect your home-office deduction? Easy! All you have to do is take advantage of the … [Read more...]
To pay your spouse, or not to pay your spouse. That is the question.
If you operate your business as a proprietorship and hire your spouse as an employee… Should you pay W-2 wages to your spouse to make sure that she or he is a bona fide employee? Can you give your spouse a nice fringe benefit by establishing a Section 105 medical reimbursement plan? Can your Section 105 plan be the sole source of your spouse’s remuneration? These are … [Read more...]
How to deduct tax losses if your business fails
You started a new business with enthusiasm and hoped it would succeed. You worked hard and gave it your best shot. But things don’t always work out. Your business may fail, and that’s when the IRS may tell you that the “hobby loss rules apply.” This means you’re going to lose some and perhaps all of your tax deductions for this failed business. But don’t give up hope! If … [Read more...]