Yes. You deserve credit for making donations to your place of worship, school, or other 501(c)(3) charity. But you deserve even more credit if you know how to be charitable and take full advantage of the tax law. You see, if you make your donation as a business expense, you can help your favorite charity and get a valuable tax break for yourself! Want to find out how to … [Read more...]
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Does the Per Diem Expense Option Stick It to Business Owners?
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...]
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...]