New Reasons for Accountable Plan Reimbursements

Failure to use an accountable plan for your employee expense reimbursements (including yourself if you operate as a corporation) turns those improperly reimbursed expenses into taxable wages. In other words, by failing to comply with the accountable plan rules, you...

Personal Use of Your Rental Triggers Ugly Vacation Home Rules

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...

How Corporations Reduce IRS Audits of Home-Office Deductions

You have probably read that the home-office deduction increases your chances of IRS audit. We’ve read that, too, but we don’t believe it. Regardless, there are a few things you can do to make your home office less likely to ever appear in an audit. If you filed your...

Year-End Tax Deductions for Existing Vehicles

It’s time to examine your existing cars, SUVs, trucks, and vans for some profitable year-end business tax deductions. Your first step is to identify your gain or loss on sale. Once you have the gain or loss, know these basic rules: • Gains attributable to depreciation...