Do you own a motor home? If the answer is “Yes,” you might be in line for some fat tax deductions! Of course, when you deal with the IRS you need to know the rules of the road. For example, “lodging” is covered by one set of rules. And “transportation” is governed by another. Want to get the whole story in language that’s easy to understand? Read my brand new article … [Read more...]
Straight answers to business-mileage questions
When it comes to figuring out tax deductions for business mileage, tricky IRS rules may leave you scratching your head. That’s where my new article comes in. It was designed to answer those off-beat but common questions that taxpayers face every day. Want to make sure you’re deducting every business-mileage penny you are entitled to? We won’t steer you wrong when you read … [Read more...]
How to claim travel transportation-cost deductions
In case you hadn’t noticed, the IRS doesn’t specialize in making things easy for taxpayers. This is especially true when it comes to figuring out business travel tax deductions. EXAMPLE: Tax deductions for the transportation component of overnight business travel are governed by a different set of rules than the set that allows deductions for lodging and meals while … [Read more...]
Can a 5 lb. Gold Paperweight Qualify for a Tax Deduction?
When “cost recovery” replaced “depreciation” in the tax code, savvy business owners found that this can be a huge money-saver. You see, when that section of the law was enacted, it created new business deductions for business-use antiques and other assets, like gold, that can increase in value. But like anything else that involves the IRS, you have to know how to handle the … [Read more...]
How to beat the self-rental deduction trap
Last month, I wrote an important article that explained how renting an office to your business can create a trap that crushes tax deductions. The solution to the problem that I outlined involved having your business own the building. This certainly solves the tax deduction problem but it opens up the building and your business to additional legal exposure. Is there a … [Read more...]