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By month:August 2011

Buy a Business? Your Thoughts Start Up the Tax Deductions!

If you are looking to buy a business individually, this article explains the tax deductions you achieve when you begin to think about the business you want to buy. If your corporation is going to buy the business, this article explains how to apply the process of thinking about it to the corporation. The rules for buying an existing business are different from those explained last month for creating a business from scratch.

Tax Rules That Allow Tax Deductions for Your Yacht

To get a tax deduction for your yacht, use it for business travel and avoid the entertainment facility rules. If you run afoul of the entertainment facility rules, you have one small hope. To maximize your deductions, you want more than 50 percent business use and knowledge of the luxury water transportation tax deduction limits.

What Is 1099 Income and Why Does the Definition Cause an Incorrect 1099 and a Possible IRS Audit?

Learn what is 1099 income and why that often causes an incorrect 1099, which in turn can lead to an IRS audit. Often, correcting an incorrect 1099 on Schedule C compounds the problem. In this article, you learn how to 1099 correctly and what is 1099 income. The definition of “what is 1099 income” may surprise you.

Add Tax Deductions on Top of Your HSA with a Section 105 Plan, FSA, or HRA

With proper planning, you can use two exceptions to add a Section 105 plan, FSA, or HRA to your HSA.

Roth IRA Owns Foreign Sales Corporation

The Roth IRA is tax advantaged. The foreign sales corporation also is tax advantaged. Imagine putting the tax-advantaged foreign sales corporation inside a tax-advantaged Roth IRA. That’s what happens in this article.

Commissioned W-2 Salesperson Beats AMT with Expenses on Schedule C

The courts have determined that the alternative minimum tax (AMT) cheats many commissioned W-2 employees out of their rightful deductions. To fix this problem, the courts have allowed certain commissioned W-2 employees to move their employee business expenses from the IRS Form 2106 itemized deduction category to the tax-advantaged sole proprietorship on Schedule C.

“Nanny Tax” Compliance Avoids Payroll Tax Problems

Learn how to avoid payroll tax problems when you hire a nanny or other household worker. Your best bet is likely a payroll service that specializes in “nanny tax” compliance.


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