If you’re claiming a home-office deduction, you know what pain is. You have to calculate, allocate, and prove all your home-office expenses to Uncle Sam’s satisfaction. But starting on January 1, 2013 the IRS began offering you an optional way to simplify the process and avoid jumping through all those hoops. Want to know if the new method for claiming a home-office … [Read more...]
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The right way to claim business entertainment deductions
Can you successfully claim a business deduction for that breakfast meeting at a hotel? Or dinner at a night club? Or a meeting at a vacation resort? Or a round of golf at your club? The answers to these and related questions can be extremely tricky. Which is why you should check out my new article right now. It explains the crucial difference between “business” and … [Read more...]
How to “audit-proof” your travel expense records
Careful! If you’re deducting travel expenses you’d better know what you’re doing or the IRS may come calling. It doesn’t matter whether you operate your business as a corporation or a proprietorship. You still need to record your tax-deductible travel expenses in an IRS-approved manner. And they can be sticklers! If you want to learn how to keep your tax-deductible … [Read more...]
Five last-minute ideas for slashing 2012 business taxes
The clock is ticking and 2013 is almost here. But before you start singing “Old Lang Syne,” I urge you to check out five proven ideas that can save you big money on this year’s business taxes. That’s right. It’s not too late to implement some powerful tax planning strategies that will keep money out of Uncle Sam’s pocket… and leave plenty in yours. More good news. These … [Read more...]
Protect yourself with digital tax receipts
Let’s face it. The IRS is paid to be suspicious. And who can really blame them? After all, it’s their job to make sure that the meals, trips, etc. that you “write off” as business expenses are legitimate. That’s why it’s so important to keep complete back-up documentation that will prove to the IRS that all your deductions are on the up-and-up. We’ll explain how you can … [Read more...]