Do you work in a foreign country? If you do, Uncle Sam has some good news for you. You see, if you know how to play the game correctly, you can reduce or eliminate U.S. income taxes on your foreign-sourced earned income. How can you come out a winner? By using the “foreign tax credit” the right way. We’ll show you how the foreign tax credit can save you big money when … [Read more...]
Travel
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Make the 7-day travel rule work for you!
Want to lie on the beach in Puerto Rico? Or do some skiing in Canada? Uncle Sam will be happy to pay your way. That’s right. Thanks to the IRS’s seven-day rule… When you travel outside the fifty states and the District of Columbia, you can deduct your business transportation costs to and from your destination, even if you work only one day during that trip! So pack … [Read more...]
IRS Expands Tax-Deductible Meetings and Seminars Boondoggle Areas
Where would you like to attend a seminar, convention, or similar meeting? Probably at a beautiful resort or at some beautiful exotic location. Well, the good news is that Uncle Sam is happy to let you deduct the entire cost of getting to and coming from the event, even when you spend some days there vacationing! The only catch? You have to abide by IRS rules that we’ll … [Read more...]
Tax tips for using your frequent flyer miles, hotel points, and credit card rewards
I’ll bet you’ve been building up quite a stash. I’m talking about all the frequent flyer miles, hotel reward points, and credit-card cash rewards you’ve accumulated. The important question here is, what are the tax implications of using all these rewards? Should they be treated as income? Are they taxable? Are they deductible? You’ll get straight answers when you read … [Read more...]
Audit-proof your vehicle and entertainment deductions
A letter arrives in your mail box. It’s from the IRS. It seems they want to go over your vehicle and entertainment deductions. What’s that? You can’t back up all your deductions with a detailed log and an organized file of receipts? Well then, welcome to a world of pain. If you want to avoid getting crushed by an IRS audit, now is the time to act! What’s the first step … [Read more...]