Are your payroll taxes being stolen by an employee? Don’t think it can’t happen to you! Embezzlement is a huge problem that hits small businesses hard in two ways: You’re out the money that was stolen You still have to pay the money you owe the IRS! What can you do to avoid this painful kind of double jeopardy? Easy. Take a moment before trouble starts and read my … [Read more...]
Don’t cheat yourself out of business-entertainment deductions
The IRS takes plenty of your money. So why give them even more than they’re entitled to? And you may be doing just that. You see, Uncle Sam’s business-entertainment tax-deduction rules can mislead you into cheating yourself out of totally legitimate entertainment deductions. Want to make sure that you’re taking every penny of every tax deduction you’re entitled to? Then … [Read more...]
Avoid a fatal mistake with independent contractors
If you’re using independent contractors who are paid on a 1099, be careful. Be very careful. You see, if you don’t handle things exactly right, the IRS may decide that your independent contractors are actually W-2 employees. Which can open a large can of worms. If you want to play it safe and make sure that your independent contractors stay independent, don’t miss my new … [Read more...]
How to maximize deductions on new business-vehicle leases
Thinking about leasing a vehicle for your business? Then I urge you to read my latest article before you sign on the dotted line. You see, if you don’t know the right way to trade in the vehicle you’re currently using, you could be leaving thousands of dollars on the table. In some cases, tens of thousands of dollars! To keep that money where it really belongs (in your … [Read more...]
Why renting your home to your corporation works
Last month we published an article that got a lot of great feedback. In it, we explained… How a 14-day (or less) rental of your home to your S or C corporation can create tax-free income for you and deductions for your corporation. Some of our readers doubted that this strategy could pass IRS muster so I’m going to deal with these concerns head-on. You’ll get all the facts … [Read more...]