A Better Way to Handle Inventory for Tax Purposes To get my complete article with all the details… If your business carries inventory, you may have more flexibility than you realize. Recent tax law changes created opportunities that many small businesses still overlook. Here are three reasons to read this article: Eligible small businesses may no longer have … [Read more...]
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The Business Pre-launch Expenses That Are Deductible — And The Ones That Aren’t.
The Business Pre-launch Expenses That Are Deductible — And The Ones That Aren’t. To get my complete article with all the details… Before your business opens its doors, you're already spending money — on market research, legal fees, advertising, employee training, and more. The IRS treats most of these as capital expenses that sit on the books with no immediate tax … [Read more...]
Donated Property Worth More Than $5,000? The IRS Has A Strict Three-step Checklist.
Donated Property Worth More Than $5,000? The IRS Has A Strict Three-step Checklist. To get my complete article with all the details… You donated property to charity — artwork, real estate, collectibles, even Bitcoin. You expect a deduction equal to fair market value. But the IRS has strict substantiation rules for non-cash gifts over $5,000, and missing even … [Read more...]
Motor Home Deductions: Done Right—or Gone Entirely?
Motor Home Deductions: Done Right—or Gone Entirely? To get my complete article with all the details… A motor home deduction sounds straightforward… Until a court case wipes it out completely. I’ve seen this happen more than once—and the Jackson case is a perfect example of how a solid deduction can be lost, not because it was wrong… but because it was positioned … [Read more...]
A Little-Known Way to Pay Family (Without Payroll Taxes?)
“A Little-Known Way to Pay Family(Without Payroll Taxes?)” To get my complete article with all the details… Most tax pros know the “hire your child” strategy. But here’s what I’ll admit—I used to think that once the child was over 18, or if the business was a corporation, the payroll tax benefit was largely gone. Turns out, that’s not always the case. Here … [Read more...]