A while ago, we showed you how to deduct the cost of work clothes and laundry services that you buy for yourself and your employees. But in my new article, I’ll show you how to get a deduction for yourself even if you don’t offer a clothing/laundry benefit to all your employees. In other words, to use the language of the tax law, we’ll show you how to “discriminate” … [Read more...]
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How to deduct your clothing and laundry bills
When tax time rolls around it feels as if Uncle Sam wants to take everything you have . . . even the shirt off your back. But there’s a totally legal way to strike back . . . Deduct the cost of that shirt on your back, plus all the clothes you wear for your job. And while you’re at it, deduct laundry and dry cleaning expenses too! I’m not kidding. If you follow IRS … [Read more...]
How to turn charitable donations into business deductions
You can do it! If you know the tax law (and we do!), you can… Donate money to your favorite charity Avoid the charitable deduction category And make the money you give tax-deductible as a tax-favored business expense! The techniques I’m talking about aren’t new but many people don’t know about them. That’s where we come in. We’ll show you how to do good and do well … [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...]