It’s a fact. Business ownership can give you fat tax deductions for hiring your children and, at the same time, give your children tax-free income. And that’s just for starters. If you handle things right, your children can open Roth IRAs where they can invest their tax-free income in a college fund. Want to learn how to take advantage of this extremely attractive tax … [Read more...]
How to protect your S corporation
Running your business as an S corporation can offer a lot of valuable benefits. But be careful! If you don’t follow the law closely, you could lose big deductions and have to pay additional taxes, penalties, and interest. How can you help make sure that you comply with the law and avoid legal problems? Easy. Read my new article titled Tax Tips: Tax Law Prohibits the … [Read more...]
IRS and courts approve two-car tax deduction
In my recent article titled Find New Tax Deductions with Two-Car Tax Strategies, I outlined money-making strategies you could use to cut your tax bill. In my new article, I’ll explain some recent and important IRS and tax court decisions and explain why they’re good news for you! If you want to put more cash in your pocket, I urge you to read my new article titled Tax … [Read more...]
Should you use the new IRS mileage rate?
The IRS recently increased the mileage rate to 55.5 cents per mile. Sounds like good news… but is it really? The fact is, the IRS mileage rate can often produce misleading results. Or lead you to think that you don’t really need to keep a mileage log. (You do!) If you want to learn how to make sure that you’re choosing the best after-tax cash result for your business … [Read more...]
The smart way to expand your business
Thinking about expanding your business? We can’t tell you which products or services to sell, but we sure can explain the tax implications of expansion! Should you take advantage of tax-deductible business expansion laws, or seek the capitalization or start-up expense classifications? You’ll get straight answers when you read my new article titled Tax … [Read more...]