Ever heard of the “Masters Rule”? This rule allows you to rent your home to your business for 14 days tax-free. This post includes more details about this strategy and how to do it legally.
Don’t Miss This Easy Online Business Tax Deduction!
No Comments
Profit Planners, rejoice! There’s a new deduction in town. Actually, it’s not that new. It’s been around since 2013. But it remains one of the most ignored deductions available to online business owners. Consider this statistic: Although an estimated 26 million Americans have home offices, just 3.4 million taxpayers claim home-office deductions. For those suffering from audit paranoia, Forbes…
2016 Decrease in Standard Mileage Rate – Tax Season Countdown
How to Plan for the IRS Standard Mileage Rate Change in 2016 Attention all food trucks operators, delivery drivers and road warrior marketers! (Oh, and anybody using their automobile for business purposes? You’d better listen up, too.) The IRS has changed the standard mileage rate. As you might remember, the standard mileage rate is one of the ways…
“Can I Write It Off?” – Business-Related Gifts
Wondering if you can write off business-related gifts on your 2016 tax return? Here’s everything you need to know. Say what you will about the commercialism of Valentine’s Day, it’s great for working folks! Our office was awash with chocolates, cookies, flowers, cards, and boxes of those chalk-textured conversation hearts. (#FunToRead #GrossToEat) Of course, we sent our…
Buying a Boat (or Other Luxury Item) as a Business Asset
With the summer months upon us, you may be dreaming about a boat or a mountain condo. Your company has performed really well the past year, you are flush with cash assets, and ready to lay out some of those hard-earned profits on a vacation property, yacht, or private airplane. Would the new boat be…
Make Your Money Work for You this Summer
Consider this scenario. You are planning a three-day business conference in Lake Tahoe. There will be workshops on using the latest audio technology to produce your podcasts, one of the primary activities you do for your business. The hotel where the conference is being held just happens to be right next to Wally World. The…
Why You Should Have a New Best Friend Named SEP
Everybody likes to have friends. We all need to have someone who is going to take care of us if we fall on hard times. We need someone who will repay our kindness toward them when the going get rough. Let me tell you about someone who will be a great friend to have around…
Business-Owned Auto Vs. a Personal Auto: The Facts
When making the decision on whether to have a business-owned auto vs. a personal auto there are a couple considerations you should keep in mind. Should I Take a Mileage Deduction or Itemize My Expenses? Everyone who has a business uses a vehicle at some time, even if it is just to run to the office…
IRS 2015 Business Mileage Rate Increases
Just when you think the IRS only does what it can to push money out of your pocket, they send out a public notice that will give business owners a tax deduction boost in 2015 when it comes to the business use of a vehicle.
‘Tis the Season: Understanding How Giving is Viewed by the IRS
It’s the holidays; the time that’s for being thankful; the time that’s for giving. It’s also the time for company Christmas parties, holiday bonuses, and giving gifts to our clients. One of the myths of holiday meals and gifts is that they are all deductible. Most companies don’t know that they are limited in the…