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...]
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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...]
Create tax-free income for your parents and you
You probably know that you can deduct business lodging travel costs. What you might not know is that you can turn that deduction into tax-free income for your mom and dad. (Or for other relatives or friends for that matter.) How? By paying them rent for your business stays. And that’s not all. You can deduct the business part of the “rent” you pay. Nice, huh? If you’re … [Read more...]
Should you use the new IRS mileage rate?
The IRS recently increased the mileage rate to 55.5 cents per mile. Sounds like good news… but is it really? The fact is, the IRS mileage rate can often produce misleading results. Or lead you to think that you don’t really need to keep a mileage log. (You do!) If you want to learn how to make sure that you’re choosing the best after-tax cash result for your business … [Read more...]