As you may have painfully discovered, legal fees can add up fast. In the past, Uncle Sam softened the blow a bit by allowing you to deduct those fees. But be aware. Thanks to lawmakers, tax reform has made it more difficult than ever to write off your legal bills. However, all is not lost… If you research the tax code the way we’ve done, you’ll learn that there are four … [Read more...]
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How to prove travel expenses after tax reform
As you may know, recent tax-reform rules have left travel expense deductions pretty much intact. This means your travel meals are still tax deductible (subject to the 50-percent cut), and there have been no changes to the rules that govern your other travel expense deductions. What also hasn’t changed is the IRS's requirement that you back up all your travel expenses with … [Read more...]
Tax Reform Increases the Tax Benefits of Employing Your Child
Sure. Tax reform has had its downsides, but it also provides some substantial money-saving benefits for business owners. For example, if you (or you and your spouse) own a business, your children can dramatically increase tax benefits for both you and them. That’s a win/win situation too good to pass up! Want to find out how to put a totally legal “hire your child” strategy … [Read more...]
A loophole lets you deduct hobby expenses after tax reform
Let me give you the bad news right at the top… Tax reform has killed the ability for you to deduct your hobby expenses. But — and this is an extremely important “but” — if you sell items as part of your hobby activity, the IRS allows you to deduct the cost of those items if you handle things the right way. That’s right. Thanks to an obscure rule that the Tax Reduction … [Read more...]
Tax reform deals professional gamblers a losing hand
If you’re a professional gambler, I sure hope you’re on a lucky streak. Because if you’re not, tax reform just cost you a lot of money. To put this simply, lawmakers were never the professional gambler’s friend, but now, thanks to tax reform changes, your government is even less willing to cut you a break. My advice? Before you head over to the casino, take a minute and … [Read more...]