Claiming a deduction for your home office is pretty straightforward. But things can get very tricky when you add a second business, or your spouse claims the same home office for his/her business. If this is a situation you may have to deal with, I urge you to read my new article titled Tax Tips: Tax Deduction for Home Office with Two Businesses. Three ways our fact-filled … [Read more...]
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I’m going to Disneyland! (It’s deductible!)
Do you ever attend conventions or similar meetings? Great! Your attendance automatically qualifies as you having a “substantial and bona fide business discussion.” And when you precede or follow such business discussions with entertainment that takes place in a non-business setting, you can claim some big deductions. For example, going to a convention at the Disneyland … [Read more...]
Nine year-end strategies for claiming business-vehicle deductions
Thinking about buying or selling a business car, truck, van, or motor home? Then you need to read my new article right now. Why? Because I’ll tell you how to get some substantial vehicle deductions and avoid vehicle buying/selling tax mistakes this year… which is going to come to an end very soon. If you handle things the right way, you could wind up with more spendable … [Read more...]
Good news about your Section 105 plan!
The Tax Court works in mysterious ways. And sometimes (though not often enough) it works in your favor. That’s what happened recently when the 10th Circuit Court of Appeals reversed the Tax Court’s “Shellito decision” which we discussed in a prior article. The reversal meant that Milo and Sharlyn Shellito were able to reap $20,208 in Section 105 plan deductions! And the … [Read more...]
New Rules Reveal Six Ways to Lower Taxes on Your Personal Use of Your Corporation’s Airplane
If your C or S corporation owns or leases an airplane, or if you own a plane yourself and use it for business, my new article makes must reading. Why? Because the IRS’s final regulations have just been issued and they can have a most beneficial impact on the airplane tax deductions. You’ll find more than a half-dozen strategies you can use to slash your taxes and keep … [Read more...]