Nov 12, 2019 | Tax Tips
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...
Sep 30, 2019 | Tax Tips
The Affordable Care Act (ACA) does not apply to a business that has only one employee. This opens the door (likely regardless of what lawmakers do with the ACA) for what we are going to call the 105-HRA. We created this name from its two predecessors: 1. The Section...
Sep 25, 2019 | Tax Tips
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...
Sep 11, 2019 | Tax Tips
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...
Sep 4, 2019 | Tax Tips
I know that you have been thinking about employee fitness and the possibility of a gym or other athletic facility. To be tax deductible, your gym or other athletic facility must be primarily for the benefit of your employees—other than employees who are officers,...
Aug 20, 2019 | Tax Tips
With the current super-generous federal estate tax exemption of $11.4 million, estate planning may be completely off your radar. After all, with that huge exemption, you may think there’s no way your estate would owe any federal estate tax if you happen to...
