Is My Trip a Deductible Business Expense?

To help you understand business travel, consider this: You planned a personal trip to Los Angeles, arriving on Friday afternoon and leaving on Sunday afternoon. About a week later, you learn that a vendor you need to meet with is going to be in L.A. when you are. You...

Proven Tax Reduction Strategies for Sole Proprietors

If you operate your business as a sole proprietorship, there are many strategies to reduce your taxes.   Let’s start with the following 10: 1. Use the Section 105 plan to make your health insurance a tax-favored business deduction on your Schedule C. 2. Employ...

Incorporation Is Not for Everyone

If you’re not good at paperwork, the corporate form of business is probably not for you. Let me tell you about a tax court case involving William H. Bruecher III. He learned a lesson by paying more than $27,000 in taxes on monies his corporation supposedly loaned to...