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...]
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Don’t let expense report blunders trigger higher taxes
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...]
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...]
Buying a motor home with Section 179 in mind
Thinking of buying a motor home? Be careful! You see, your ability to take advantage of a section 179 deduction is somewhat in limbo. It’s possible that lawmakers will reinstate last year’s limits on section 179 expensing. Or maybe they won’t. And that’s the point. The status of the law is unclear at this time. Which is why, in my new article, I’ll examine the gamble you’ll … [Read more...]