The Affordable Care Act (Obamacare) is about 20,000 pages long. So if you haven’t personally read the passages dealing with changes to Section 105 medical reimbursement accounts (HRAs), no one can blame you. Luckily for you, we’ve done the research on the subject and are happy to share it with you. The punch line is that there’s good news and there’s bad news. If you are … [Read more...]
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How to “W-2” the vehicles you provide to employees
If you provide your employee(s) with vehicles for business use, you’ll have to do a little calculating. You see, because your employees personal use of the vehicles must be included in their wages, you’ll need to apply the correct valuation rules. Sound complicated? It is. We’re dealing with the IRS! But don’t worry. We’ll explain the three IRS-approved valuation methods … [Read more...]
Deductions for your “entertainment facilities” (Part 2)
Last month we explained why it’s vitally important to know the law if you want to successfully deduct a beach house, ski chalet, yacht, hunting cabin, or other “entertainment facility.” In this article, Part 2, you’ll learn how to get a nice tax deduction when you use the facility as compensation to certain others. But, as always when you deal with the IRS, the devil is in … [Read more...]
How to get a deduction for your “entertainment facilities”
Do you own a yacht, hunting lodge, hunting lease, airplane, beach cottage, fishing camp, swimming pool, ski lodge, or tennis court? If the answer is “yes,” Read my new article that explains how you can claim a hefty business deduction on these “facilities.” Yes. The IRS rules on the subject are pretty strict, but the deductions really are there if you know what you’re doing. … [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...]