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Recent Feature Headlines


July 2015

Reward Yourself and Your Employees with Tax-Free Supper Money

Have you ever faced this “problem”? A sudden boom in business requires you and your employees to work late in order to get everything finished. When this happens, how can you thank your employees for their overtime with a tax-free benefit that’s fully deductible to your business? You can provide a supper money fringe benefit if you follow four rules.


One Additional Way to Create 100 Percent Deductions for Employee Meals

Most business meals suffer a 50 percent cut in the amount you can deduct. But here’s one of those business meal strategies that produces a 100 percent deduction. So if you spend $5,000 for meals with this strategy, you don’t deduct $2,500 because of the 50 percent. Instead, you deduct the full $5,000.


Rent an Office in Your Home to Your Corporation? Avoid This Big Mistake

Business owners who operate their businesses as corporations and also deduct an office in the home commonly use one of three tax-deduction methods in an effort to achieve tax benefits. One method provides no tax benefit; it’s just smoke and mirrors. The second method might create a small deduction or none at all. The third method is the correct choice, as it ensures the full tax deduction and even reduces your chances of an IRS audit.


Unlock the Deductions Trapped in Your Personal Assets When You Convert Them to Business Use

Tax law gives you several nice tax-saving strategies for your business assets but not many for your personal assets. So what happens when you convert a personal asset to a business asset? Does the personal taint last forever? No! This conversion opens the door to a world of new deductions.


How to Avoid Thousands in Federal Taxes and Penalties If You Misclassified Employees as Independent Contractors

You likely want to hire independent contractors whenever possible. But if you are bending and breaking the rules, you face big back taxes, horrific penalties, and interest. So, a question for you: Have you been misclassifying your workers? If so, the IRS has a good deal that lets you off the hook with just a tiny payment. We’re talking a fraction of what you would otherwise owe if you lost your contractor classification in an IRS employment tax audit.


You Can Claim Thousands in Business Education Deductions—Unless You Make This One Mistake

The government wants to give you the gift of education. Your lawmakers in Washington created a tax break for courses that improve or maintain your business skills. You can deduct in full the cost of education ranging from a standalone seminar all the way up to an advanced degree—including the cost of an MBA program. But in order to get this deduction, you have to follow a couple simple rules.


Don’t Pick the Wrong Way to Deduct Long-Term Care Insurance—This Could Cost You Thousands

You can protect yourself against the financial consequences of chronic illness or disability by purchasing long-term care insurance. The premiums for this insurance are not cheap, but tax law lets you write off the cost, thus subsidizing your purchase. But beware—there are three ways to take this deduction. Choosing the wrong method could cost you thousands of dollars in tax benefits.




June 2015

Silver Lining for a Loss on the Sale of Your Home? Deduct Your Home-Office Loss—and Slash Your Taxes

If you have to sell your personal home at a loss, tax law gives you a deduction for the portion of your home you use as a home office or that you use for some other income-producing activity. This is a nice silver lining to an otherwise unpleasant financial situation. It puts money in your pocket.


Five Ways You Can Fight the IRS When Your Tax Debt Is Too Big to Pay

If your tax debts have spiraled out of control, don’t give up hope. You may be able to use one of four IRS-created relief procedures to reduce or eliminate your debt. And if these methods still aren’t enough, find out whether bankruptcy can eliminate your remaining income tax liabilities.


Don’t Lose a Penny of Your Mileage Deduction: Defend It with Simple, Inexpensive Apps and GPS Tools

If you don’t have a log of your business mileage, you are simply looking for trouble. And the IRS is happy to supply the trouble you are looking for. You might think that you just don’t have the time to keep a mileage log, but if you suffer an audit you will regret not spending that time, as you will lose your auto deductions because you did not have a mileage log. In this article, you will find good news that will help you keep a mileage log without spending lots of time.


How to Deduct Mortgage Interest When You Need Someone Else’s Name on the Deed

What happens if you live in a house and make mortgage payments, but someone else owns the property? Can you still get a tax benefit? Absolutely! By proving that you have legal or equitable title to the property, you can deduct up to 100 percent of the mortgage interest you pay. For one subscriber, this generated an extra $18,000 per year of deductions she did not know she could claim.


Don’t Put Your S Corporation Vehicle Title in the Wrong Name! It Could Cost You Thousands in Tax Deductions

You could add hundreds or even thousands of dollars to your wallet simply by putting the title of your vehicle in the right name—whether yours or the corporation’s. That’s about as easy as it gets to earn extra tax deductions. You put the title in the right name and then enjoy your extra cash.


The Easy Way to Make Your Child a Millionaire Using Only His or Her Part-Time Wages

Tax law has an incredible savings opportunity for your child—but only if he or she has a job. And if your child doesn’t have a job yet, you need to put him or her to work in your business, now. A job grants your child some tax-free income and makes your child eligible for a tax-savings retirement account that can create thousands or millions of extra dollars for your child to use for college, retirement, or a first home.


Are You Really an Independent Contractor But Getting a W-2 as an Employee? Change Tax Forms to Cut Your Tax Bill

If your company wrongly classifies you as an employee rather than an independent contractor, you face one of the most unfair rules in tax law—you must pay tax on your deductions for business expenses! Find out why this happens and what you can do to fix it.




May 2015

Why You Should Accept the New IRS Offer to Immediately Deduct Assets That Cost $500 or Less

The IRS recently created a rule to make your life simpler and better. How is that for a change? It’s true. Now when you buy almost any tangible asset for $500 or less, you can immediately deduct the purchase if you follow the two easy steps laid out by the IRS. That means tax savings for you and fewer headaches for you and your tax preparer.


Double-Benefit Tax Rule for Property Owners Delivers Bonus Deduction: But Act Now!

The IRS is making an unusually nice offer to you as a business or rental property owner—but it’s good for just a few months. You can take extra deductions right now if you performed certain major renovations on your business or rental property in prior years. If you think this applies to you, act fast so you do not miss the October (or September, if incorporated) 2015 deadline.


Three Easy Steps to Deducting All Your Health Insurance Premiums as an S Corporation Owner

If you are an S corporation owner, you can get a full deduction for your health insurance premiums—despite Obamacare and even if your S corporation provides zero health benefits to non-owner employees. You have to follow a few steps to qualify for this deduction, but that’s a piece of cake once you know the rules.


Avoid Employment Taxes and Penalties: Sail into Section 530’s Safe Harbor

If you hire workers and want to classify some of them as independent contractors, you absolutely need to know about Section 530 and its safe harbor. By law, Section 530 is the first step in an employment tax audit. And if you don’t know about Section 530, you are making a potentially fatal financial mistake.


Make Employees Happy with Dental and Vision Benefits Using a Loophole in Obamacare

Have you been longing for the good old days when you could offer a Section 105 health plan to your employees without having to comply with the new Obamacare rules? Well, you can still offer such a plan—provided that you limit the benefits to vision and dental.


Four Steps to Turn a Husband-and-Wife-Only Board Meeting into a Money-Saving, Tax-Deductible Resort Stay

Where can you hold your tax-deductible board meetings if you operate your business as a corporation? Could you go to a nice resort? What if you and your spouse are the only board members? This article answers these common questions. It’s sure to make you smile.


The Easiest and Funnest Deduction You’ll Claim This Year: 4 Rules for Writing Off Employee Outings—100%!

The government wants you to have happy employees. That’s why the tax code grants you extra deductions when you provide entertainment and entertainment facilities that primarily benefit rank-and-file employees. In this article, we examine how the rules work when you take your employees on a party trip.




April 2015

A Cruise Makes a Fabulous Vacation—and a Fabulous Tax Deduction If You Plan It Right

Do you have an upcoming business trip? Wouldn’t it be nice to travel there on a cruise ship and reach your destination fully revitalized? Surprisingly, tax law allows you to treat your cruise vacation as a business transportation expense, which means you can deduct most or all of the cost.


Spy on Your Competitors, Discover Ways to Improve Your Business, and Write Off the Whole Expense!

Have you ever visited a competing business as a customer to see how its operations stack up to yours? With the right documentation, you can fully deduct the costs of this research into your rival—even the amount you pay for their products or services—as business expenses.


Slash Employment Taxes: Take Three Steps Before Hiring Workers

You save employment taxes when you hire workers as independent contractors. But you want to make certain that the workers are indeed contractors, or you could subject yourself to some expensive tax penalties. In this article, we show you three steps to independent contractor status for your workers.


Don’t Let Expense Report Blunders Trigger Unnecessary Taxes, Punishing You and Your Employees

If you reimburse your employees for business expenses, or if you operate your business as an S or a C corporation, it’s crucial that you know and follow the IRS accountable plan rules—this will save money not only for you but also for your employees. We’ll give you two easy-to-use tools that will help you seamlessly incorporate these rules into your business routine.


Legally Escape the 50 Percent Tax on Goodwill Value When You Sell or Liquidate Your Corporation

If you own a corporation, you need to plan in advance for the eventual sale or liquidation of your corporation—even if you do not expect either to happen anytime soon. In particular, the planning you do regarding your business goodwill could mean hundreds of thousands of dollars in tax savings.


Don’t Settle for a 50 Percent Write-Off on Employee Lunches: Here’s How to Snag 100 Percent

Through a simple two-step process, you can fully deduct the cost of meals you provide to your employees. That’s right—this strategy helps you avoid the dreaded 50 percent reduction for entertainment expenses. But be careful when you use this strategy—your business may need to classify your meal differently from the meals for non-owner employees.


How to Beat the Absurd New IRS Rule on Taxable Reimbursements of Employee Health Insurance

The IRS just launched its latest attack on your reimbursements for individually purchased health insurance: Even fully taxable reimbursements could still violate the Obamacare rules and expose you to the $100-per-day penalties. But don’t worry. We’ll give you several strategies to beat this new rule.