It’s sad but true… 83% of businesspeople think that use of the IRS standard mileage rates takes care of vehicle expenses for business purposes. Wrong! The truth is they’re costing themselves big bucks by failing to deduct a loss on the sale of their business vehicle. Want to find out the right way to play the IRS’s mileage game? Read my new article titled Tax … [Read more...]
S corporation owners: Don’t pay yourself on a 1099!
Attention S corporation owners! Do you pay yourself with a 1099-MISC? OR Do you pay yourself on both a W-2 and a 1099? If you’re answering “yes,” stop right now and read my new article! You see, you could be in big trouble and face severe IRS problems. Oh, I know. Paying yourself on a 1099 or on a W-2 and 1099 makes your life easier. No payroll taxes. No withholding … [Read more...]
How to create business partnerships tax free!
Here’s some good news from Uncle Sam… If you want to create a partnership for a new or existing business, you can probably do so tax free! Want to learn how you or your business can qualify for tax-free partnership formation? Want to avoid situations that might force you to pay taxes during partnership formation? Easy. Read my new article titled Tax Tips: Create a … [Read more...]
How to avoid the “self-rental” trap
Here’s the “self-rental” story in a nutshell: You own a business that needs office space… So you buy a building and rent office space to your business… You collect the rent and depreciate the property… Your business gets to deduct the rent it pays you… As a result, the money never leaves your pocket. Sounds great, right? Well, it is if you know the special rules that apply … [Read more...]
Get your injury award or settlement tax free
I sure hope you’re never injured, but if you are ever laid low, here’s some news that may cheer you up… Uncle Sam provides a generous tax exclusion for awards and settlements arising from injury lawsuits. That’s right. You can use the exclusion, along with other tax-reduction strategies, to minimize any tax you have to pay on the amount you receive. Getting injured is no … [Read more...]