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...]
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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...]
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...]
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...]