If you run your own business and travel on business, the per diem option may look like a good deal. I get it. That’s because instead of keeping track of every dollar you spend on travel and lodging, you can deduct a fixed amount and call it a day. But be careful! There’s a business-owner per diem trap set for youthat you don’t want to fall into. What is it? How … [Read more...]
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Avoid the Gift Tax—Use the Tuition and Medical Strategy
Are you going to have to pay gift and estate taxes? It you’re certain that you won’t have to, you may be dead wrong! You see, you may think that you don’t have a problem because your gift and estate taxes come to less than $11,580,000. (Or $23,160,000 for a married couple.) But here’s the reasonyou may be in for a shock… Lawmakers have already votedto drop the … [Read more...]
Per Diems Post-Tax Reform: What the TCJA Has and Hasn’t Changed
Do you have employees who travel on business for your company? Then you know that complicated recordkeeping is a royal pain in the neck for you and your employees. What’s more, handling things the wrong way puts you at risk for an audit disallowance. Well, there’s a solution to these problems. Consider using the IRS travel per diem method. Want to learn how the per … [Read more...]
IRS Issues New Bitcoin Tax Guidance
Do you invest in bitcoin or other cryptocurrencies? Do you accept cryptocurrencies as payment in your business? Then my new article is for you! You see, in 2019 the IRS issued new guidance dealing with cryptocurrency tax issues that may have important consequences for you. The punch line: if you bought or sold cryptocurrencies this year, you better report the … [Read more...]
New Individual Coverage HRA Turns the Clock Back To Pre-ACA Health Care Options
It’s a fact. The Affordable Care Act (ACA) destroyed many benefits provided by the Section 105 medical reimbursement plan. To rectify this, the Qualified Small Employer Health Reimbursement Arrangement (QSEHRA), introduced in 2017, did help to some extent. How? By letting employers with fewer than 50 employees, reimburse certain health care costs up to a set limit … and … [Read more...]