Know the $75 Rule for Business Expenses

The $75 rule applies to certain business expenses where you do not need a receipt. But we emphasize that this rule does NOT apply to all tax deductions.  Many taxpayers mistakenly apply the $75 rule to all their tax deductions, which can result in a significant loss...

If I Hire My Kids, Can I Give Them Tax-Free Education Benefits?

Working at a tender age is an American tradition. If your children work in your business, consider giving them education fringe benefits. Doing this right creates• tax deductions for the business, and• tax-free fringe education benefits for the child. You can...

Business Gym for Your Employees, and Maybe You Too

To be tax-deductible, your gym or other athletic facilities must be primarily for the benefit of your employees—other than employees who are officers, shareholders, or other individuals who own a 10 percent or greater interest in the business, or other highly...

Shutting Down a C Corporation

There are several tax implications that you need to be aware of when shutting down a C corporation.    Complete liquidation of a C corporation is when it ceases to be a going concern, winds up its affairs, pays its debts, and distributes its remaining assets to...

The Cleaning Lady and Your Home-Office Deduction

If you have an office in your home that qualifies for the home-office deduction and you employ a cleaning lady who maintains both your home and your home office, there are a couple of tax considerations to keep in mind. The amount you pay your cleaning lady for her...