When it comes to claiming tax deductions, your personal assets aren’t of much use. That’s why savvy taxpayers convert those personal assets to business use and in that way, slash their tax bills. Want to learn how you can make the conversion too… and benefit big time? It’s easier than you think as you’ll learn when you read my new article titled Tax Tips: Unlock the … [Read more...]
The right way to claim a home-office deduction for corporate owners
Do you operate your business as an S or C corporation? Do you also claim (or want to claim) a home-office deduction? If you’re answering “yes” to both questions, you need to keep reading. You see, there are three commonly used ways to claim the home-office deduction. But two are losers and one loser won’t pass IRS scrutiny. You’ll learn which they are and how to come out … [Read more...]
Another way to create 100% deductions for employee meals
They say that “there’s no such thing as a free lunch.” However… If you know the tax law you can deduct 100% of the cost of food and drink when you provide business meals for employees. Yes. I know. Most business meals qualify for just a 50% deduction. But, like I said, Uncle Sam will pick up the whole tab if you know the rules. And in my latest article I’ll tell you about a … [Read more...]
How to use the tax-free supper money allowance
When you or your employees have to work late, it’s a real morale buster. But you can provide a big morale booster… and grab yourself a nice tax deduction if you know the law. You see, the IRS offers a 100% deduction when you provide a qualifying “supper money” meal-allowance to those dedicated employees who work overtime. (I know that not everyone calls it “supper” any more… … [Read more...]
How independent contractors mistakenly paid as employees cut their tax bills
Are you paid commissions and taxed as an employee? If so, you could be a business owner under the common law classification system. “So what?” you might say. Well, we’ll tell you what, and it’s a lot! You are likely losing tens of thousands of dollars in business expense deductions each year. You may even think you are getting those deductions, without realizing that they … [Read more...]