Do you operate your business as an S or C corporation? Do you reimburse yourself (the owner-employee) and/or your employees for the business expenses you or they incur? If you do, you could be losing thousands of dollars worth of tax deductions as I’ll explain in my new article. You see, if you don’t follow the IRS’s expense reporting rules (“accountable plan” rules) you’re … [Read more...]
Travel
Sorted by Date
When you’re spying, write off your expenses
What are your competitors up to? To find out, maybe you’ve visited their operations and done a little snooping. That’s fine with Uncle Sam. And as I’ll explain in my new article, he’ll let you deduct the cost of your spying — even the amount you pay for your rivals’ products and services! Want to find out how you can play James Bond at the IRS’s expense? Put on your trench … [Read more...]
Let Uncle Sam pay for your vacation cruise
Here’s a fact that every business traveler should know… If you follow a few simple rules, the IRS will allow you to treat your vacation cruise as a business transportation expense. This means you can deduct most or all of the cost of your luxury cruise, depending on your particular circumstances. Want to find out how to take advantage of the IRS’s sale on sailing? Read … [Read more...]
How to turn your vacation into a fat tax deduction
QUESTION: What beats taking a dream vacation? ANSWER: Charging it all off as a business expense! That’s right. If you create a solid business reason for taking your trip, and you can throw in enough business hours while you’re away, you can write off your entire vacation as a deductible business expense. Want to fly first class? No problem. Want to stay in the … [Read more...]
How to deduct “lodging” costs under new IRS rules
Until recently, the IRS wouldn’t let you deduct expenses for lodging in your local area… or as the IRS calls it, your “tax home.” (Your tax home is generally the city or locality in which you work most of the year.) But there’s good news! The rules have changed, which means there are hefty deductions for business owners who: Drive a lot for business and occasionally find … [Read more...]