The purpose of this post is to get the IRS to owe you money. Of course, the IRS is not likely to cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes. Here are five powerful business tax deduction […]
Dear Client: You must consider the vacation home rules when you • rent a bedroom in your home and also use it personally, or • rent your beach home (or any other home you own) and also use it personally. Personal Use of the Dwelling Rent or use by relatives. Personal use includes more than
As you likely know by now, your travel meals continue under tax reform as tax-deductible meals subject to the 50 percent cut. And tax reform did not change the rules that apply to your other travel expense deductions. One beauty of being in business for yourself is the ability to pick your travel destinations and
Here’s the updated strategy on deducting business meals with your clients or customers: deduct your client and business meals as if tax reform never took place. At first glance it appeared that the new tax law that went into effect on January 1, 2018 would disallow business meal deductions along with entertainment. Looking deeper it
Mileage Log Required for Vehicle Tax Deductions When it comes to your tax records, there’s one record that you really must keep, and it’s easily overlooked. It’s the mileage log. In an IRS audit, the mileage log often creates the first impression of your tax records, and not having a good log is the biggest
Tax Tips For Real Estate Agents You, as a real estate broker or agent, have two ways to grow your real net income: 1. Financial Offense 2. Financial Defense Financial offense boost your income. Get more listings, more showings, more closings, sell more expensive properties, add additional services and the like. Financial offense is hard
Travel, Meals and Entertainment Expenses Commuting Expenses. To open this section I want to be sure we understand that, in general, the costs of commuting between a taxpayers home and work location are nondeductible commuting expenses. But under certain circumstances these commuting expenses can be deductible if: 1) The expense is for going between the
Well, they did it. They drug it out to the last minute, but they did it. Weeelll, they did some of it. And I’d really like to thank all of them in Washington for dragging us through this during the holidays and leaving us to sort this all out this morning while at the same
Year-end payroll tips for employers The Winter 2010 edition of the SSA/IRS Reporter included an article by the American Payroll Association (APA) which noted some tasks that employers should perform in December and January to make year-end processing go more smoothly. We have listed those tasks below that were included in the APA article plus
Sales Tax Rate Drops July 1st Effective July 1, 2011, the combined statewide sales and use tax rate will decrease from 8.25% to 7.25%. The temporary 1% increase implemented in April 2009 expires June 30, 2011. Remember that district taxes are still applicable, so the tax rates in most areas of California will be greater