Here’s good news (for a change!) from the IRS… If you and/or your employees use smart phones, you can create some nice no-hassle, tax-free fringe benefits. Want to find out how you can take advantage of Uncle Sam’s largesse? Then put down your iPhone or Android phone and read my new article titled Tax Tips: Create Tax-Free Fringe Benefit Deductions for Your … [Read more...]
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Avoid Lost Deductions When Corporate Vehicle Is in Your Personal Name
Do you operate your business as an S or C corporation? Then be careful! You see, if you use your personal vehicle for corporate business, you could risk losing valuable tax deductions. If you want to stay on the right side of the law and keep money in your pocket, Read my new article Tax Tips: Avoid Lost Deductions When Corp. Vehicle Is in Your Personal Name! Here’s … [Read more...]
S corporation owners: Don’t pay yourself on a 1099!
Attention S corporation owners! Do you pay yourself with a 1099-MISC? OR Do you pay yourself on both a W-2 and a 1099? If you’re answering “yes,” stop right now and read my new article! You see, you could be in big trouble and face severe IRS problems. Oh, I know. Paying yourself on a 1099 or on a W-2 and 1099 makes your life easier. No payroll taxes. No withholding … [Read more...]
Put safe harbor expensing to work now!
What are your new year’s resolutions for 2017? To lose weight? To exercise more? Here’s another resolution you should make and act on now. Put your safe harbor de minimus expensing in place! Why is it worth doing so immediately? Because Uncle Sam’s safe harbor eliminates the burden of … Tracking small-dollar cost assets in your books of account Depreciating … [Read more...]
Make the 7-day travel rule work for you!
Want to lie on the beach in Puerto Rico? Or do some skiing in Canada? Uncle Sam will be happy to pay your way. That’s right. Thanks to the IRS’s seven-day rule… When you travel outside the fifty states and the District of Columbia, you can deduct your business transportation costs to and from your destination, even if you work only one day during that trip! So pack … [Read more...]