By month:May 2012
Could you use your timeshare for business lodging and other business purposes? If so, why should you consider it? Business deductions usually produce better tax benefits than personal deductions do, that’s why. Further, you need to know those special tax rules that can make your timeshare a rental property, personal residence, or business lodging facility.
Is your lease a lease? Are you sure? There are lots of funny rules that make what looks like a lease, a purchase—and what looks like a conditional sales agreement, a lease. This article shows you what happened to Arthur Boyce and gives you a number of tips to help you avoid his plight.
CPA subscriber points out that for the Section 105 medical reimbursement plan to work, marriage is not required.
Your husband-and-wife business may already be a success. That’s great. Now, with a little tax planning for the husband-and-wife business, you can increase your after-tax profits and sleep better at night knowing that your business form is good.
Protect yourself and your receipts by digitizing them. You will like the results. Digitized receipts make the IRS smile and, of course, that makes you smile too. Without digitization, some of your receipts will disappear.
To claim a home-office deduction, you must use a portion of your home exclusively for business. The meaning of the word “exclusively” (pretty much “only”) is explained in this article.
The W-2 mortgage loan officer in this tax case beat the alternative minimum tax (AMT) by winning his claim that, in spite of his W-2, he was an independent contractor who should report his business expenses as a proprietorship on Schedule C of his Form 1040.