Tax Savings for Rewarding Your Employees
There’s really nothing more valuable to a business than good employees, particularly those who stick with you for years and years. One way to honor those employees is to give them a meaningful present or award. The tax code includes a special carve-out for “employee achievement awards,” which means that when you buy something for your employees in recognition of [...]
Tax Savings Plan for Your Child’s College Education
Funding your retirement and paying your child’s college education are two of the biggest financial challenges you’ll face in your life. Conventional wisdom says that it’s best to (1) fund your retirement before your child’s college and (2) use your retirement savings for your retirement and not your child’s college expenses. We agree with the conventional wisdom and strongly urge [...]
Business Mileage Deduction
When it comes to your tax records, there’s one record that you really should keep, and it’s easily overlooked. It’s the mileage log. In an IRS audit, the mileage log often creates the first impression of your tax records. Whether you use the IRS mileage rate method or the actual expense method, you need a written record that proves your [...]
Buying a Business? Tax Planning for Noncompete Agreement
When you buy a business, you probably don’t want the former owners competing with you—at least not for a while. To prevent the competition, you will likely enter into a non-compete agreement with the former owners. The agreement has tax implications that you need to consider. As the buyer, you or your business entity must amortize amounts allocated to non-compete [...]
IRS to Limit Passport for Unpaid Taxes
As you know, whether traveling for business or pleasure, you need a valid passport for most trips outside the United States. These days, you even need a passport to fly to and from Canada or Mexico. We want to make you are aware of a new law that’s on the books that requires and/or authorizes the State Department to deny, [...]
Offer in Compromise
Do you owe Uncle Sam more than you can pay? Perhaps for this tax year, prior tax years, or a combination of both. Like any other creditor, the IRS will sometimes settle your debts for less than you owe, also known as an offer in compromise. The offer in compromise is a powerful tool to resolve unpaid tax debts that you’ll never [...]