Here’s a ruling of the Tax Court you should be aware of … In the Jones case, the Tax Court decided that one-on-one training constitutes a “seminar” for tax purposes. This precedent-making finding opens the door to some exciting tax-free travel opportunities. Want to find out more and then book a flight to Florida or St. Thomas? Read my new article titled Tax … [Read more...]
Travel
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A quick guide to foreign-travel deductions
Do you travel abroad on business? Then here’s some good news … If you know how to plan your trip correctly, you can combine business and pleasure and deduct most, if not all of the cost! My advice? Before you buy your tickets and pack your bags, read my new article titled Tax Tips: Foreign Travel: Combining Business and Pleasure. Three ways our fact-filled article can … [Read more...]
How coin, stamp, and baseball card collectors can keep the IRS happy
Are you a collector of coins, stamps, baseball cards, or other items? If the answer is “yes,” you should also start collecting some important tax information. For starters, you should know that your collecting activities will fall into one of four IRS-determined tax categories: Hobby Investment Trader Dealer Depending on how the IRS categorizes your collecting … [Read more...]
Don’t lose your business mileage deduction!
Do you keep a detailed log of your business mileage? If you don’t, you could be in big trouble if the IRS calls you in for a little chat. Yes. I know. Keeping a careful mileage log is a pain in the neck. But thanks to a handy app and GPS tools, you can keep an accurate record of your mileage information more easily than ever. Want to get the whole story? Don’t miss my … [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...]