Do you operate your business as an S corporation or a C corporation? If the answer is “yes,” you need to remember that your corporation is a separate legal entity. Why is this so important? Because if you incur travel expenses on behalf of the corporation, you have to be careful about how those expenses are reimbursed. If you don’t, you could find yourself in hot water with … [Read more...]
Travel
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How to cruise to a nice deduction
You know you can deduct the costs of business travel. What you may not know is that if you follow IRS rules, you can travel by cruise ship and still claim a hefty tax deduction! But you have to know how to play the game. Which is why I invite you to take my short “Cruise Ship Tax-IQ Quiz.” It’s a fun way to learn more about a little-known section of the tax code that can … [Read more...]
How to prevent a full-scale IRS audit
When you’re on “The Price is Right” it’s great when they call your name and shout “come on down!” But when you get a letter from the IRS saying “Come on down — and bring all your tax records with you” you may not be so happy. If you going to visit with the IRS, there’s one tax record you’ll need to bring with you to the audit. If it’s in good shape, you limit, even … [Read more...]
How the IRS turns “Home Sweet Home” sour
“Home Sweet Home” is not a simple concept for the IRS. Nope. They delight in creating complications. Which is why they make the troublesome distinction between your “personal home” and your “tax home.” Depending on how you operate your business and where it’s located, you risk losing your valuable business vehicle deductions! Want to avoid crashing your business-vehicle … [Read more...]
How to deduct business-travel expenses the right way
Before you pack your bag for your next business trip, I urge you to read my new article. Why? Because it provides answers to questions about travel tax-deductibility that can save you big money. If you take trips to visit clients, attend conferences, or for any other business purpose, now’s the time to read my new article titled Tax Tips: Answers about Tax-Deductible … [Read more...]