Meet Joyce. She just decided to trade in her three-year-old vehicle for a shiny new SUV. Sounds like a straightforward transaction, doesn’t it? … but it isn’t! You see, Joyce operates her business as an S corporation and wants the corporation to reimburse her for depreciation and even bonus depreciation. That’s when things get tricky. You see, the Tax Cuts and … [Read more...]
Raise Hell: Help Lawmakers Make PPP Expenses Tax Deductible
Yes. The Payroll Protection Program (PPP) is a tremendous help to businesses affected by the COVID-19 pandemic. As you may have discovered for yourself, it’s great to see PPP money flowing into your bank account. What’s not so great are IRS loan-forgiveness rules that, frankly, are very unfair. We’ll give you all the details when you read the full article titled Tax … [Read more...]
Two Correct Ways to Deduct Your Home Office with a Partnership
Are you running your business as a partnership? If you are, as a result of the COVID pandemic, you’re probably working at home a lot these days. Well, in our new issue of the Tax Reduction Letter, we’ll tell you the good news about how you and your partner/partners can benefit from the home-office deduction. Yes. Taking advantage of two totally-legal strategies can be … [Read more...]
Working at Home? Don’t Overlook These Deductions
I want you to convert. No. Not your religion! I want you to convert your working-at-home personal assets into business assets. Why? Here’s the story… If you have a deductible office at home (or a non-deductible working space), you’ve got personal assets just sitting there. I’m talking about chairs, desks, antique clocks, and the like. But if you’re using those … [Read more...]
Four PPP Forgiveness Answers for S Corporation Owner-Employees
The IRS often spells out its laws and rules in minute detail. But not so much when it comes to the SBA which governs the Payroll Protection Program (PPP). That’s why S corporation owners are confused, and have important questions about the rules that apply to their businesses. Well, in this issue of the Tax Reduction Letter, we’ll provide straight answers to questions … [Read more...]