Do you own an S corporation? Did you buy a 2014 business vehicle in your personal name? If you’re answering “yes,” keep reading because a lot of money is at stake. You see, if you don’t handle things correctly, you could lose huge 2014 business deductions. I’m talking about Section 179 expensing, which allows you to take up to $500,000 worth of deductions, plus bonus … [Read more...]
How big earners can contribute to a Roth IRA
Roth IRAs are terrific for a whole host of reasons. But all too many people think they can’t contribute to a Roth IRA because they earn too much money. Wrong! Congress has recently created loopholes that allow even high-income earners to contribute to Roth retirement accounts. What exactly are these loopholes, and how can you take advantage of them? You’ll get the whole … [Read more...]
How to turn commute expenses into tax deductions
Are you treating your commute as a deductible expense? The bad news. It’s very possible that you’re violating the law. You see, the IRS generally doesn’t let you deduct your expenses for your commute to work. (These miles are “personal miles” and are not deductible.) The good news! As a business owner, it’s easy for you to convert your daily trip into thousands of dollars … [Read more...]
How to slash your business taxes when you give to charity
When it comes to charitable giving, it’s possible for you to do good and do well. You see, when you make a charitable contribution through your business, you’ll save a lot more in taxes than if you make the same contribution as an individual. Want to find out how to help others and keep more money in your pocket? Don’t miss my new article titled Tax Tips: How to Squeeze … [Read more...]
How to beat the “discrimination tax” on HSA contributions
Health savings accounts (HSAs) are wonderful for several reasons… They let you contribute to the healthcare costs of your employees without facing Affordable Care Act (Obamacare) problems… there are no minimums to pay… and there’s no insurance to deal with. All you do is make contributions and get a deduction, and your employees get the income as a tax-free fringe benefit. … [Read more...]