How many hours does it take to create a tax-deductible business travel day? Or is the number of hours even the right test? And then when do personal weekends, holidays, and other “personal days” become tax deductible? How much can you deduct for meals and snacks when you’re away on business? If you don’t know the answers to these and other business-travel, tax-deduction … [Read more...]
Increase Deductions by Knowing the Business Mileage Rules
How would you like to learn the rules to turn all of your miles during the workday into business miles that are 100% deductible by tax law? Find out how Congress overruled the Supreme Court in its case against poor Mr. Soliman and now actually makes it easy for you to do just that! Can you have a home office even if you have an office outside of your home? The answer will … [Read more...]
Can an S corporation provide homeowner tax breaks?
Homeowners are individual taxpayers. Which means they’re eligible for a number of valuable tax benefits. A well-known example: Homeowners can deduct the interest paid on up to $1.1 million in mortgage debt for their primary home. And that’s just for starters. S corporations, on the other hand, offer many tax advantages but deny the homeowner benefits that individual taxpayers … [Read more...]
How to protect insurance death-benefits from estate taxes
Careful life insurance planning has always been important. But come December 31, 2012, smart planning will be more important than ever! That’s because the current $5.12 million exemption from estate taxes expires on that date, and lawmakers have pegged the 2013 exemption at just $1 million and increased the tax rate from 35 to 55 percent! But don’t despair. With tax-smart … [Read more...]
Don’t fear home-office depreciation recapture
Who’s afraid of the big bad home-office deduction? You shouldn’t be. Especially if what’s worrying you is depreciation recapture when you sell the home where your home-office is located. The truth is, there’s no reason to fear depreciation recapture when you claim a valid home-office deduction. You see, the simple fact is, depreciation tax benefits typically exceed … [Read more...]