The IRS can be quite picky when it comes to allowing home-office deductions. For example, they require exclusive business use of the area of your home that you’re claiming as an office. Under the IRS’s strict standards, how much and what kinds of personal use does the law allow? You’ll find out when you read my latest article titled Tax Tips: Home-Office Deduction Requires … [Read more...]
Instant deductions for your start-up business
Thinking about starting a brand new business? Then you need to know how to deduct start-up costs right now. You see, the IRS lets you deduct costs the moment you start thinking about your new business. I know this sounds too good to be true but it is true as you’ll learn when you read my latest article titled Tax Tips: Tax Benefits for Thinking About and/or Starting a New … [Read more...]
Don’t use your corporation as a piggy bank
Do you give money to your corporation, or take money from it, without leaving a detailed audit trail? Be careful! If you operate without the formal paperwork, and without the proper logging of entries, you can expect big trouble from the IRS and the courts. What can you do to prevent problems? For starters, I strongly suggest you read my latest article titled Tax Tips: Don’t … [Read more...]
How to qualify your rentals for deductions
Do you own rental property? If the answer is “Yes,” then you need to pay careful attention to the “passive-loss” rules. You see, the tax law contains passive-loss rules that often prevent current-year deductions for rental property losses. If you want to avoid dangerous tax traps that can cost you big money, I urge you to read my latest article titled Tax Tips: Tax Loss … [Read more...]
How to legally deduct that convention in Paris
If you want to deduct the cost of travel to a convention in Paris, or any other foreign destination, my new article makes “must” reading. You see, Section 274(h)(1) of the tax code spells out the special deductibility rules that apply. So, before you grab your passport and pack your bags, take a minute and check out my latest article titled Tax Tips: Deduct That Convention in … [Read more...]