A divorce can be a traumatic event. What can make things even worse is the fat tax bill you may have to pay Uncle Sam. That’s right. Your business, children, property, and other assets can trigger a huge tax bill that can make a bad situation even worse. Which is why I urge you to read my latest article titled Tax Tips: Tax Tips for Divorce (Part 1). Three ways our … [Read more...]
How to deduct business travel without IRS hassles
If you travel out of town overnight on business, you need to know the rules that allow or disallow such travel as tax deductions. My new article explains which days, according to the IRS, are “business days” and which are “personal days.” If you’re even thinking of deducting travel for business purposes, don’t miss this must-read article titled Tax Tips: How the Law Decides If … [Read more...]
Make your hobby a business, now!
The “hobby” classification on a tax return can spell death for deductions. What can you do about it? Quit your hobby Make your hobby a business If you don’t choose number 2, you could wind up paying taxes even when your hobby produces zero income. Want to avoid this dangerous tax trap? Read my brand new article titled Tax Tips: Horse Hobby Needs Tax Psychiatric … [Read more...]
Good news for gamblers!
If you’re in the business of gambling, you just got lucky. You see, the Tax Court, in a new precedent-setting case, has decided that you may now deduct business expenses in excess of gambling losses! Before you head off to Vegas or Atlantic City, read my fact-filled article titled Tax Tips: New Tax Court Ruling Makes Gamblers Rejoice. Three ways our fact-filled article can … [Read more...]
Which retirement plan is right for you?
Don’t miss this first in a series of articles on retirement plans for small business owners. Regardless of the kind of business entity you’ve chosen, (proprietorship, LLC, S corporation, or C corporation), you need to read this important new issue titled Tax Tips: The Best Small-Business Retirement Plans: Part 1. Three ways our fact-filled article can help you: We’ll … [Read more...]