Sure. If your board is made up of just you and your spouse, you can hold your next board meeting at the office or even in the kitchen. But why? As my new article explains, if you’re running a husband-and-wife-only S corporation, you can mix business with pleasure. The secret? Schedule high-level meetings during an out-of-town trip at a lovely resort. Even if you spend some … [Read more...]
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How to get instant deductions and avoid the recapture tax!
When the Godfather makes you an offer you can’t refuse, it’s very wise to accept. And when Uncle Sam makes you an offer of immediate tax deductions that save you time, money, hassles, and also avoid the recapture tax, it also makes sense to accept. You see, thanks to a recent change in the law, you can now get an instant deduction and avoid the recapture tax for virtually all … [Read more...]
Don’t let expense report blunders trigger higher taxes
Do you operate your business as an S or C corporation? Do you reimburse yourself (the owner-employee) and/or your employees for the business expenses you or they incur? If you do, you could be losing thousands of dollars worth of tax deductions as I’ll explain in my new article. You see, if you don’t follow the IRS’s expense reporting rules (“accountable plan” rules) you’re … [Read more...]
How to turn your vacation into a fat tax deduction
QUESTION: What beats taking a dream vacation? ANSWER: Charging it all off as a business expense! That’s right. If you create a solid business reason for taking your trip, and you can throw in enough business hours while you’re away, you can write off your entire vacation as a deductible business expense. Want to fly first class? No problem. Want to stay in the … [Read more...]
How to IRS-proof your business-vehicle deductions
When it comes to inspecting your business-vehicle deductions, Uncle Sam is a stickler. He’s a nitpicking perfectionist who won’t settle for “guesstimates.” He wants to see proof of all your business driving activities. Actually, can really blame him? You see, every time you drive between business locations, you create tax deductions that can add up to tens of thousands of … [Read more...]