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By month:July 2007

Make Sure the New 2007 Business Vehicle Luxury Limits Don’t Stick It to You

The government penalizes you if you drive a luxury vehicle. Further, the government’s idea of luxury and the reality do not match.

New Law Changes Kiddie Tax to Destroy College Funding Strategies

Lawmakers wiped out tried-and-true tactics for getting the government to help with the cost of your child’s college with the new tax law in 2007. You can do a lot to mitigate the damage if you get after this problem right now.

Lack of a Time Sheet Kills the Section 105 Plan

If your spouse is working for your company, you need proof that s/he is a legitimate employee. It is not hard, but you need to have good, solid proof to ensure that your deductions and medical reimbursements will be honored by the IRS.

Who-Paid-the-Bills Mystery Sinks Section 105 Plan

Learn about one couple’s problems with Section 105 medical reimbursement. You must document all payments. The reimbursement of the employee-spouse for every medical bill is easily done and a audit-proofing tactic. Make this an absolute requirement.

Expense Allowances Can Be Dangerous

Save yourself time and trouble. Reimburse employees for actual expenses. Forget those two troublemakers: per diems and allowances.

Taxation of Social Security

Be alert to, and beware of, government studies. The result of a tax study is almost always bad news for you. In this case, we foresaw the problems with the 1986 tax “reform.” What’s on the radar next: the new social security study group and the AMT.

Incorporation to Increase Business Mileage

The best strategy for this subscriber: do nothing. He is considering forming a corporation, but we think that will not help him with what he wants to do. Sometimes the best solutions are the easiest.

Coaching Girls’ Softball

One couple coaches a girls’ softball team and puts up advertisements for their company. It is a good strategy that is good for business. We show them how to deduct coaching expenses like bats, balls, tees, and a pitching machine.


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