IRS Rules for Deducting Your Business Gym If you have been thinking about the fitness of your employees and the possibility of a gym or other athletic facility, then you need to know the tax rules. To be tax deductible, your gym or other athletic facility must be...
Tax Reform Destroyed State and Local Tax Deductions—Fight Back Tax reform put the screws to your state and local income tax deductions, capping them at $10,000. Many states disliked that and have been putting together workarounds. But now the IRS is creating...
Tax Planning for Snowbirds You can plan your tax-deductible business life to avoid cold winters and hot summers. Spend a moment examining the following four short paragraphs that contain the basic facts from the Andrews case. For six months of the year, from May...
Hiring Your Children to Work on Your Rental Properties Have you considered hiring your children to work on your rental properties? If so, were you concerned when you did not see a line item for wages on Schedule E of your Form 1040? Don’t let that bother you. The IRS...
Reduce Self-Employment Taxes by Renting from Your Spouse As a sole proprietor, you know that the 15.3 percent self-employment tax can eat up your profits in a nhurry. You may be able to use a simple strategy to ease this tax burden. If you own an office building or...
Your Personal Home Is Not Your Tax Home The fact that your personal home is not your tax home is one income tax issue. Here’s another: Business travel is different from business transportation. Your tax deductions, tax strategies, and tax records hinge on the...
