Do you have more than one car in your household? If the answer is “yes,” my new article makes must reading. You see, if you consult the tax code, you’ll discover that you can score some hefty tax deductions by using more than one vehicle for business. What exactly does the IRS have to say about multiple vehicle use? How can you save money by driving more than one … [Read more...]
How to deduct business-travel expenses the right way
Before you pack your bag for your next business trip, I urge you to read my new article. Why? Because it provides answers to questions about travel tax-deductibility that can save you big money. If you take trips to visit clients, attend conferences, or for any other business purpose, now’s the time to read my new article titled Tax Tips: Answers about Tax-Deductible … [Read more...]
Watch out for the “true lease” trap!
You may think that you just bought a new vehicle. Or that you leased a vehicle from your local dealer. But you better be sure that the IRS agrees with you. You see, if the IRS finds that your lease is not technically a “true lease,” or that your purchase is not technically a purchase, you could owe additional taxes and big penalties. Don’t fall into this all-too-common … [Read more...]
How to deduct mortgage interest on a tax-deductible home office
As you may know, the IRS limits the tax deduction (for the home-mortgage interest-deduction) to a maximum mortgage balance of $1.1 million. But what happens when you… Have a home office for which you claim tax deductions? AND Also have a mortgage in excess of $1.1 million? The answer can be tricky, which is why it’s worth reading my brand new article titled Tax … [Read more...]
How to avoid the 50% business-meal disallowance rule
Let them eat cake!… but make sure they eat it on your business premises. Seriously, where you entertain, eat a meal, or hold business meetings matters a lot to Uncle Sam and determines how big a deduction you can claim. For example, if you go out and party with your employees, you can enjoy a 100% deduction. But if you have a genuine business meeting with your employees at … [Read more...]