Everyone likes to be recognized for their efforts, contributions, and achievements. In fact, I’ll bet this is true of your employees. So how about rewarding them with a morale-boosting achievement award that’s tax deductible for your business and tax free for your employees? You’ll get all the details when you read my new article titled Tax Tips: Achievement Awards Are a … [Read more...]
Buying a business? Debt can be good!
We’re always told that debt is a bad thing. That’s generally true except when debt is a good thing. Like when you’re about to buy a business and operate it as a C corporation. That’s right. The IRS treats corporate debt more favorably than corporate equity. So it may be a tax-smart move to include some debt (owed to outside lenders) and/or some owner-debt (owed to … [Read more...]
Read this before leasing a vehicle!
Are you going to lease your next business vehicle? Are you eligible to use IRS mileage rates? If the answer to these two important questions is “yes,” then my new article makes must reading. Why? Because Uncle Sam lets you choose between the IRS mileage rate or the “actual expense” method. And if you choose wrong, you can wave goodbye to valuable tax deductions. Want … [Read more...]
Tax-Free Income from Rental of Home to C or S Corporation
If you operate an S or C corporation, you’re already aware of the major tax benefits Uncle Sam has to offer. What you may not be aware of is an under-used provision of the tax code that can put money in your pocket. You see, if you play your cards right, your S or C corporation can rent your personal home for select events and use that rental to create tax-free income for … [Read more...]
Avoid Lost Deductions When Corporate Vehicle Is in Your Personal Name
Do you operate your business as an S or C corporation? Then be careful! You see, if you use your personal vehicle for corporate business, you could risk losing valuable tax deductions. If you want to stay on the right side of the law and keep money in your pocket, Read my new article Tax Tips: Avoid Lost Deductions When Corp. Vehicle Is in Your Personal Name! Here’s … [Read more...]