If you’re a sole-proprietor, you need to read my new article now! Why? Because the IRS has laid a trap for you that could cost you your self-employed health insurance deduction. The truth is, all too many sole-proprietors learn about this trap at the worst possible moment… when they file their tax returns. If you want to avoid problems and save a lot of money, don’t miss … [Read more...]
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Take money out of your Roth IRA tax free, penalty free!
There’s a reason they call the Roth IRA “the Swiss Army knife of savings plans.” You see, the Roth IRA is much more than a retirement fund. It’s also a down payment fund, a college savings fund, and an emergency savings fund all rolled into one! That’s right. If you know what you’re doing, you can withdraw money from your Roth IRA for any purpose and pay zero taxes and zero … [Read more...]
How to use the tax-free supper money allowance
When you or your employees have to work late, it’s a real morale buster. But you can provide a big morale booster… and grab yourself a nice tax deduction if you know the law. You see, the IRS offers a 100% deduction when you provide a qualifying “supper money” meal-allowance to those dedicated employees who work overtime. (I know that not everyone calls it “supper” any more… … [Read more...]
How to write off 100% of employee entertainment!
Did you know that Uncle Sam is a party animal and wants you and your employees to be party animals too? That’s right. As you’ll learn when you read my new article, contrary to popular belief, you can deduct 100% of some employee entertainment expenses — if you follow a few simple rules. Sure. I know that business-entertainment deductions are generally capped at 50%. But you … [Read more...]
Turn your next husband-and-wife board meeting into a tax-deductible resort stay
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...]