As you may know, recent tax-reform rules have left travel expense deductions pretty much intact. This means your travel meals are still tax deductible (subject to the 50-percent cut), and there have been no changes to the rules that govern your other travel expense deductions. What also hasn’t changed is the IRS's requirement that you back up all your travel expenses with … [Read more...]
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Are Your Rental Properties a “business” or investment” for tax purposes? Big difference.
If you own rental properties, you don’t want the IRS to classify them as an “investment.” Nope. You want those properties to qualify as a “trade” or “business.” Why? Because if your properties are treated as such, and reported on Schedule E, you can enjoy from some major tax breaks. You’ll get the whole story when you read my article titled Tax Tips: Are Your Rental … [Read more...]
How to minimize taxes when you work abroad
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...]
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...]