Are you afraid to claim a home-office deduction because you also commute to an office outside your home? Well, you may be passing up a big tax break you absolutely are entitled to. You see, if you know how to play the game, you can qualify for the home-office deduction which turns your commuting mileage into deductible business mileage. You’ll learn how to come out a … [Read more...]
A deduction for making things (this could be for you!)
Hey. You may not think of yourself as making things but the tax code allows this deduction for making things you may not be thinking of. Why should you care? Because if Uncle Sam considers you to be making things you may qualify for a nice deduction… up to 9% of all income from qualifying activities. There’s no catch and no recapture associated with the deduction. It’s … [Read more...]
Important tax facts if you gamble
If you’re a professional gambler, Uncle Sam will cut you some slack. But if you’re just a casual gambler, you better not bet on the IRS to make things easy for you. In fact, if you play your cards the wrong way, you could wind up an odds-on loser. My advice? Before you head over to your favorite casino, take a moment and read my new article titled Tax Tips: Q&A: Find … [Read more...]
The latest on Health Savings Accounts (HSAs)
Since the Affordable Care Act (Obamacare) was enacted, Health Savings Accounts (HSAs) have become more popular than ever, particularly with small businesses. This should come as no surprise. The HSA has some great features including its exclusion from the Affordable Care Act 100-a-day penalty rules, tax-deductible contributions, tax deferred growth, and possible retirement … [Read more...]
Fix those depreciation errors now!
It’s a sad fact … Many taxpayers don’t realize that depreciation is a very valuable and often misused (or mistakenly computed) tax deduction. If you failed to use depreciation rules the right way, you could be losing thousands of dollars that should be in your pocket. What can you do to fix depreciation errors you might have made in the past? Plenty. If you want to … [Read more...]