"How to turn your vacationinto a fat tax deduction" To get my complete articlewith all the details… 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 … [Read more...]
Create an employee-spouse “105-HRA”
Create an employee-spouse“105-HRA” To get my complete articlewith all the details… It’s a fact... The Affordable Care Act doesn’t apply to a business that has only one employee. That’s good news is your spouse is that employee. Your spouse (and you) can benefit from what I call a “105-HRA” (Health Reimbursement Arrangement). When you design it for your … [Read more...]
An S Corporation “Reasonable Compensation” Alert
An S Corporation“Reasonable Compensation” Alert To get my complete articlewith all the details… As we’ve mentioned in past issues of the Tax Reduction Letter, there’s good news for S corporation owners: Tax reform gives you a new 20-percent Section 199A deduction on pass-through income. But be aware... The IRS requires that you pay yourself … [Read more...]
Create a tax-free deduction for your smart phone
"Create a tax-freededuction for your smart phone" To get my complete articlewith all the details… Here’s good news (for a change!) from the IRS... If you and/or your employees use smart phones, youcan create some nice no-hassle, tax-free fringe benefits. Want to find out how you can take advantage of Uncle Sam’s largesse? Then put down your iPhone or … [Read more...]
Tax Quiz – Sell Stock at a Loss to Your Daughter
“Tax Quiz - Sell Stock at aLoss to Your Daughter” To get my complete articlewith all the details… Say you bought stock in 2022 for $17,000. In 2024, you sell this stock to your daughter at fair market value for $9,000. What is the loss deduction you may claim on your 2024 tax return? $0 $3,000 $8,000 $9,000 Answer Correct answer: $0. You may not … [Read more...]