Do you claim a deduction for an office in your home? What about your garage? Yes. I know it’s surprising, but if you comply with IRS regulations, you may be able to include your garage, or part of it, when you calculate your business-use percentage. You’ll get the details when you check out my new article titled Tax Tips: Can Home Office Tax Deductions include Garage … [Read more...]
Is the solo 401(k) right for you?
In Part 4 of our series on retirement plans for the one-owner or husband-and-wife-owned business, we take a close look at the solo 401(k). This flexible, defined-contribution retirement plan lets you take the largest deductions of the plans reviewed so far and offers several significant advantages. To find out more, don’t miss this important article titled Tax Tips: Best … [Read more...]
Getting divorced? Here’s how to save on taxes
When a small-business owner gets divorced, significant tax consequences can follow. In this issue, (Part 2) of my series on divorce, I’ll explain how to split up qualified retirement plans like your IRA, without shooting yourself in the foot. If you want to learn specific ways to prevent Uncle Sam from taking a big cut of your assets, check out my latest article titled Tax … [Read more...]
Is the SIMPLE-IRA right for you?
Don’t miss this third in a series of articles on retirement plans for small business owners. In this issue I’ll explain why the SIMPLE-IRA may be the best retirement plan for the business owner with a modest income. As you’d expect from its name, the SIMPLE-IRA is easy to understand and implement. To find out more, take a look at my latest article titled Tax Tips: Best … [Read more...]
How to get a 100% bonus depreciation on your business car
How often do you say, “Thank goodness for the IRS?” Not very often I’m sure. But you will say that when you see how the IRS saves your bacon when you claim the recently enacted 100% bonus depreciation on your business car! I’ll explain it all when you read my new article titled, Tax Tips: New Law Inadvertently Kills Business Car Depreciation; IRS Rescues Deductions with a … [Read more...]