You know you can deduct the costs of business travel. What you may not know is that if you follow IRS rules, you can travel by cruise ship and still claim a hefty tax deduction! But you have to know how to play the game. Which is why I invite you to take my short “Cruise Ship Tax-IQ Quiz.” It’s a fun way to learn more about a little-known section of the tax code that can … [Read more...]
How to prevent a full-scale IRS audit
When you’re on “The Price is Right” it’s great when they call your name and shout “come on down!” But when you get a letter from the IRS saying “Come on down — and bring all your tax records with you” you may not be so happy. If you going to visit with the IRS, there’s one tax record you’ll need to bring with you to the audit. If it’s in good shape, you limit, even … [Read more...]
A tax-free fix for a bad annuity
Inheriting an annuity is great. But what happens if the annuity turns out to be a lousy investment? The good news is you’re not stuck with it! That’s right. If you know what you’re doing you can use a Section 1035 tax-free exchange to solve your problem. All it takes is the right information which I’ll provide in my new, free article titled Tax Tips: Mom Dies: Daughter … [Read more...]
Death, taxes, and the Section 179 deduction
When you’re dead, the status of the Section 179 deduction you took on your business vehicle won’t be troubling you much. But you’re alive and kicking! Which means you’re able to read my new article that explains what happens to your Section 179 tax deduction if you die, retire, or become disabled. Okay. I admit that this is not the most cheerful subject in the world, but if … [Read more...]
How to keep your Section 105 plan working in retirement
You may not be working in retirement, but if you know how to play your cards right, your Section 105 medical-reimbursement plan can keep working for you even after you call it quits. What’s the catch? There isn’t any but you have to do some planning. Which is where my new article comes in. It will show you how to make sure your Section 105 plan continues providing tax benefits … [Read more...]