Careful! If you’re deducting travel expenses you’d better know what you’re doing or the IRS may come calling. It doesn’t matter whether you operate your business as a corporation or a proprietorship. You still need to record your tax-deductible travel expenses in an IRS-approved manner. And they can be sticklers! If you want to learn how to keep your tax-deductible … [Read more...]
Should you buy or lease your business vehicle?
Thinking about getting a new vehicle for your business? Then you have to make a tough decision… Should you buy or should you lease? Unfortunately, deciding which option saves you the most money isn’t always easy. Sure, you’ve got to consider out-of-pocket costs, but you also have to think about how much cash you have available, the tax benefits each approach provides, and the … [Read more...]
How to cash in on your S corporation profits
After you take a salary from your S corporation you may have dividends left over. Which means you have to ask yourself two important questions: Question #1: Are these dividends subject to federal income taxes? Question #2: How do I get the cash? You’ll get straight answers that can put money in your pocket when you read my new article titled Tax Tips: Cashing In on Your S … [Read more...]
How to design a retirement plan when you have employees
Let’s face it. When you have employees working for you, your retirement-plan design strategy can get pretty complicated. You have to decide how to maximize your own benefits and whether or not to provide retirement plans for your employees too. Sounds complicated but don’t lose heart. You do have some really good options. And we’ll outline six of them for you when you read … [Read more...]
The right way to handle a Section 1031 rental exchange
Do you own rental properties? Do you want to grow your rental-property business? Then you need to know the ins and outs of the Section 1031 exchange. Mr. Adams did. That’s why he was able to overcome an IRS objection that his Section 1031 exchange failed because his replacement rental-property fit his son’s family’s needs. We’ll explain the Adams case and show you how to … [Read more...]