When it comes to depreciation and Section 179 deductions, what Uncle Sam giveth, Uncle Sam taketh away. You see, the tax law grants you some nice depreciation deductions, but then recaptures or otherwise taxes them. This means you need to do some careful tax planning in order to save money. How should you start? By reading my brand new article titled Tax Tips: Depreciation … [Read more...]
How to slash your tax bill when you sell your home
Thinking about selling your current home or vacation property any time soon? Then my new article is for you! You see, I’ll explain easy steps you can take right now to prepare for (or completely avoid!) the tax hit you may have to take when you sell. For example, I’ll explain why you should never rely on the home-sale gain-exclusion to shield all of your profit. And I’ll … [Read more...]
How to deduct business meals with your spouse
Not so fast! Don’t automatically assume that the IRS won’t let you deduct the cost of a business meal with your spouse. If you know how to handle things the right way, you can enjoy a leisurely dinner with your wife or husband and let Uncle Sam pick up the tab! How can you overcome the IRS’s “no deduction for personal, family, or living expenses rule”? You’ll find out when … [Read more...]
Yes, you can afford group health-insurance!
If you’re like a lot of small business owners, you want to cover your employees with group health-insurance, but you’re worried about the costs. That’s why you should read my new article. You see, I can show you how to… Cover your employees with group health-care coverage Limit your annual insurance costs, Get a tax deduction Give tax breaks to your … [Read more...]
How your S corporation can avoid Obamacare penalties
Watch out! The Affordable Care Act (Obamacare) assesses nasty penalties if your business pays the individual insurance-premiums of your employees. (Under Obamacare, you simply can’t deduct those premiums!) As an S corporation owner, this could be a big, expensive problem for you. To make matters worse, the IRS hasn’t given definitive guidance on how Obamacare affects S … [Read more...]