Do you believe the following statement?… “A home office is not deductible unless it’s your only place of business.” Don’t believe it! It’s a myth! That’s right. If you play by Uncle Sam’s rules, you can claim a valuable home-office deduction even though you have a regular office outside your home. Want to find out how you can save a lot of money by handling your … [Read more...]
How to protect your business-entertainment meal deductions
Leave it to the IRS to put you smack in the middle of two conflicting tax laws! One law denies your deductions for personal meals Another law allows meals as tax-deductible entertainment When the IRS and/or the courts invoke the infamous “Sutter rule,” you lose your business meal deductions to the extent that they don’t exceed the cost of your personal … [Read more...]
How to turn rental-property losses into tax deductions
Here’s good news for rental-property owners… Your rental property can serve as a valuable tax shelter when you claim tax deductions for your rental-property losses against your income. But to take advantage of this useful tax shelter you need to: Qualify as a tax-defined real estate professional Pass a “material participation test” for each shelter property We’ll … [Read more...]
Does claiming a home-office deduction increase your risk of an audit?
A lot of people believe that claiming a home office deduction is like waving a cape in front of a bull. They think that if they claim this valuable deduction the IRS will react with an audit and put them in a world of pain. But is this true? Does writing off your home office really open a Pandora’s box? You’ll get straight answers when you read my new article titled Tax … [Read more...]
How to get a deduction for parking at the office
As anyone with a car knows, garage parking can cost a bundle. That’s why you should take full advantage of a nice tax break that the IRS makes available. Want to get the story on how to deduct your office parking and your employees’ parking, too? Check out my new article titled Tax Tips: Tax Deduction for Parking at the Office. Three ways our fact-filled article can help … [Read more...]