Until recently, the IRS wouldn’t let you deduct expenses for lodging in your local area… or as the IRS calls it, your “tax home.” (Your tax home is generally the city or locality in which you work most of the year.) But there’s good news! The rules have changed, which means there are hefty deductions for business owners who: Drive a lot for business and occasionally find … [Read more...]
How to get your Section 125 plan up and running
It’s a fact… Setting up a tax-advantaged Section 125 plan is a great way to provide health insurance for both you and your employees. There many great reasons for this. Here are just two: A Section 125 plan makes your business more competitive by attracting and retaining the best employees. You save payroll taxes on every tax-free dollar your employees pay for premiums. … [Read more...]
How to IRS-proof your business-vehicle deductions
When it comes to inspecting your business-vehicle deductions, Uncle Sam is a stickler. He’s a nitpicking perfectionist who won’t settle for “guesstimates.” He wants to see proof of all your business driving activities. Actually, can really blame him? You see, every time you drive between business locations, you create tax deductions that can add up to tens of thousands of … [Read more...]
Buying a motor home with Section 179 in mind
Thinking of buying a motor home? Be careful! You see, your ability to take advantage of a section 179 deduction is somewhat in limbo. It’s possible that lawmakers will reinstate last year’s limits on section 179 expensing. Or maybe they won’t. And that’s the point. The status of the law is unclear at this time. Which is why, in my new article, I’ll examine the gamble you’ll … [Read more...]
How buying a vehicle now can earn 2014 tax deductions
Friends! Buy a car, truck, van, or SUV today! No. I’m no car salesmen. I’m an accountant. But I still think “Buy Now!” is good advice when it comes to business vehicles. You see, if you’re planning to purchase a car, truck, van, or SUV for business use, there are tremendous tax advantages to buying before the end of 2014 — especially since you’re up against the highest … [Read more...]