You probably know that you can deduct business lodging travel costs. What you might not know is that you can turn that deduction into tax-free income for your mom and dad. (Or for other relatives or friends for that matter.) How? By paying them rent for your business stays. And that’s not all. You can deduct the business part of the “rent” you pay. Nice, huh? If you’re … [Read more...]
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The right way to deduct your employee party
Want to throw a party for your employees? Go ahead and have a ball, but be sure you use the right deduction category! HINT: Don’t deduct your party as regular “business entertainment.” Instead, learn how the tax law gives you a 100% deduction for your employee party and other employee entertainment. My advice? Before you break out the champagne, read my new article titled … [Read more...]
Tax Tips for the estates of those who died in 2010
IMPORTANT: The tax law gives two choices to the executors of estates of decedents who died in 2010: Choice #1 is to apply the old 2010 rules Choice #2 is to apply the newly enacted 2011 and 2012 estate tax rules If you are the executor of an estate (of someone who died in 2010), which choice makes sense for you? You’ll find answers in our new article titled Tax Tips: Tax … [Read more...]
Dealing with the new estate and gift tax rules
The bad news: Nothing is certain except death and taxes. The good news: Thanks to the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (better known as the Bush tax cut extension package) a new, temporary, federal estate and gift tax has been established for 2011 and 2012. Want to learn how to use the new estate tax rules to provide big … [Read more...]