When “cost recovery” replaced “depreciation” in the tax code, savvy business owners found that this can be a huge money-saver. You see, when that section of the law was enacted, it created new business deductions for business-use antiques and other assets, like gold, that can increase in value. But like anything else that involves the IRS, you have to know how to handle the … [Read more...]
How to beat the self-rental deduction trap
Last month, I wrote an important article that explained how renting an office to your business can create a trap that crushes tax deductions. The solution to the problem that I outlined involved having your business own the building. This certainly solves the tax deduction problem but it opens up the building and your business to additional legal exposure. Is there a … [Read more...]
Secrets of tax-deductible travel
How many hours does it take to create a tax-deductible business travel day? Or is the number of hours even the right test? And then when do personal weekends, holidays, and other “personal days” become tax deductible? How much can you deduct for meals and snacks when you’re away on business? If you don’t know the answers to these and other business-travel, tax-deduction … [Read more...]
Increase Deductions by Knowing the Business Mileage Rules
How would you like to learn the rules to turn all of your miles during the workday into business miles that are 100% deductible by tax law? Find out how Congress overruled the Supreme Court in its case against poor Mr. Soliman and now actually makes it easy for you to do just that! Can you have a home office even if you have an office outside of your home? The answer will … [Read more...]
Can an S corporation provide homeowner tax breaks?
Homeowners are individual taxpayers. Which means they’re eligible for a number of valuable tax benefits. A well-known example: Homeowners can deduct the interest paid on up to $1.1 million in mortgage debt for their primary home. And that’s just for starters. S corporations, on the other hand, offer many tax advantages but deny the homeowner benefits that individual taxpayers … [Read more...]