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By month:June 2011

Can Home Office Tax Deductions include Garage Space?

Do you claim a home-office deduction? Do you have a garage (attached or detached) at your home? If so, you need to spend a few minutes with this article. You will learn when to include and exclude the garage when calculating your home-office space.

Does the Proprietorship Exemption from Payroll Taxes Apply when the Owner of a Single-Member LLC Hires His 15-Year-Old Child?

The single-member LLC is a disregarded entity for federal income tax purposes, but a corporation for employment tax purposes.

Deduct That Convention in Paris

Learn the two special rules that make travel to a convention in Paris or other foreign destination tax deductible, or not.

Best Small-Business Retirement Plans: Part 4, the Solo 401(k) Option

This is part 4 in our series of articles on retirement plans for the one-owner or husband-and-wife-owned business. Here we explain the solo 401(k), which permits the largest deductions of the defined contribution plans. The solo 401(k) has unique advantages when your income fits this profile.

Tax Loss Crushed by Passive Loss Rules on Rental Property Investment

If you own rental property, you need to pay attention to the passive-loss rules. This court case helps clarify two rules that can enable deductions for rental property losses.

Don’t Use Your Corporation as Your Personal Piggy Bank

Giving money to and taking it from your corporation needs an audit trail and paperwork to ensure proper treatment. If you operate without the formal paperwork and without the proper logging of entries, you can have unexpected and unwelcome experiences with the IRS and the courts.

IRS Lets Small Business off the Hook for W-2 Reporting of 105 Plans

If you are married, operate your business as a proprietorship, and have only your spouse as an employee, you likely want a Section 105 medical reimbursement plan that can turn most, if not all, of your medical expenses into business deductions on your Schedule C. Before health care reform, you did not need to give your employee-spouse a W-2 for Section 105 medical plan reimbursements. Now, thanks to the IRS, the Section 105 medical reimbursement W-2 requirement for small businesses does not apply before the 2014 W-2 reporting season—and may not apply afterward.

Tax Tip: Don’t Repair Your Home

Repairs to your home give you zero tax benefits. Improvements to your home add to your basis and reduce your taxes. Thus, don’t repair your home. Improve it!


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