Changes in Deducting Employee Meals
Tax reform (Public Law 115-97) includes winners and losers. Employers who for their convenience provided business meals for their employees [...]
Importance of Tax Planning When Having an S Corporation
Here’s a story about Ronnie Craft, who lost his court case but whose story brings up an interesting point when [...]
Rental Properties as Business
Does your rental property activity meet the definition of a trade or business activity? If yes, your rentals produce the [...]
Home Office Deduction for Multiple Businesses
The office-in-the-home deduction produces good-to-excellent cash benefits when it eliminates commuting mileage. That’s the result you achieve when you claim [...]
How the Metropolitan Area Rule Affects Business Mileage Deductions
The IRS has ruled that you “may deduct daily transportation expenses incurred in going between your residence and a temporary [...]
IRS Audits on Entertainment Deduction
Here’s a true tax story that you will find interesting. John Henry is engaged in an IRS audit, and he [...]
Expense Your Business Costs Using the Safe Harbor Method
For 2018, you can elect the de minimis safe harbor to expense assets costing $2,500 or less ($5,000 with audited [...]
S Corporation and Health Insurance
You and your S corporation continue to enjoy good news in 2018 when it comes to your health insurance. And [...]
Deduct Business Mileage by Setting Up a Home Office
The IRS gives you two possible strategies for turning otherwise personal mileage into business mileage: Going to a temporary work [...]
What You Need to Know About the Kiddie Tax
When it comes to college planning, our lawmakers created some real traps. One big trap is the kiddie tax. This [...]