When you’re dead, the status of the Section 179 deduction you took on your business vehicle won’t be troubling you much. But you’re alive and kicking! Which means you’re able to read my new article that explains what happens to your Section 179 tax deduction if you die, retire, or become disabled. Okay. I admit that this is not the most cheerful subject in the world, but if … [Read more...]
How to keep your Section 105 plan working in retirement
You may not be working in retirement, but if you know how to play your cards right, your Section 105 medical-reimbursement plan can keep working for you even after you call it quits. What’s the catch? There isn’t any but you have to do some planning. Which is where my new article comes in. It will show you how to make sure your Section 105 plan continues providing tax benefits … [Read more...]
Who’s afraid of the big, bad, home-office deduction?
Are you reluctant to claim a home-office deduction because you have a business located elsewhere? Or are you afraid that claiming the deduction will raise a red flag at the IRS and result in an audit? Well, stop worrying! If you follow the law you’ll stay in Uncle Sam’s good graces and enjoy a nice, fat deduction. You’ll get all the facts and start saving money when you … [Read more...]
The right way to provide vehicles for employees
Thinking about providing your employee(s) with a car? Before you hand over the keys, you need to ask yourself an important question. “Will the vehicle be used by the employee for business or personal purposes?” Make sure you have the answer and understand its consequences. Why? Because under one scenario, the car is taxable to your employee. Or, you can provide the vehicle … [Read more...]
Don’t make this fatal tax-deduction error
Tax deductions are great. But you have to make sure they’re legal. In my new article, I’ll tell you about Dr. Elick who wanted to create fat deductions but made a devastating error that cost him dearly. You see, he created an Employee Stock Ownership Plan (ESOP) to maximize his deductions, and also created a management services corporation to provide services to his … [Read more...]