By month: January 2013
Have you considered the options that are available to you in designing your retirement plan? In this article, you will see how you might put away as much as $214,404 when you earn only $140,000. On the other hand, you might not want to put anything into retirement this year, and this article explains how your plan design can enable a zero contribution.
One of our subscribers encountered a tax preparation firm that charges a commission for amending past returns. Our subscriber asked this question: “Is such a commission legal?”
What happens if you buy a timeshare and then sell it at a loss? Is the loss deductible or not? Your answer depends on how you used the timeshare. Did you allow it to be rented to others? Did you use it for business stays? What about personal use?
If you take a nine-day trip to Jamaica, how many days devoted to business do you need to make the trip tax-deductible? What happens when you spend one of those days doing no business and simply playing on the beach? The critical elements in this article give you a crystal-clear explanation of when and why you can deduct certain days, even those days when you do no work.
Tax law picks on “entertainment facilities” and makes them difficult to deduct. This is where tax planning comes in. With good tax planning, you can create deductions for your entertainment facility.
Buy or lease? That is the question you must answer when you acquire a new vehicle for your business. Unfortunately, like most business owners, you may simply not know the right way to weigh the options. Result: You could end up paying more than you should and/or miss out on glorious tax savings. Here’s what you need to know to ensure this doesn’t happen.