By month: July 2023

How to Project If a Rental Property Is a Winner

When does a rental property qualify as a good investment? The answer lies in your specific investment objectives. For instance, if your goal is to achieve an after-tax profit significantly higher than your safe rate of return, a rental property might be a great choice. How can you know this? You can make an informed projection by reading this article and utilizing the calculator provided.

Failed Mileage Log Negates Mileage Deductions

Learn how your failure to keep an adequate mileage log costs you time and money during an IRS examination and then can result in no vehicle deductions, as it did for this business taxpayer.

12 Answers to Questions on Proving Expenses for Business Travel

Whether you operate your business as a corporation or as a proprietorship, you need to record your tax-deductible travel expenses in an IRS-approved manner. This means you need to know technically what a receipt is and when you do and do not need one. By the way, the credit card statement is not a receipt. This report explains how to keep your tax records, gives you an easy record-keeping resource to use, and helps you build audit-proof records that prove your travel expenses.

Five Things to Know About Employing Your Spouse

If you own your own business, hiring your spouse to work as your employee can be a great tax savings strategy. But the tax savings may be a mirage if you don’t pay your spouse the right way. Here are five things to know before you hire your spouse that will maximize your savings and minimize the audit risk.

Pay the PCORI Fee If You Have a 105-HRA, QSEHRA, or ICHRA

Business owners who have established 105-HRAs, Qualified Small Employer Health Reimbursement Arrangements (QSEHRAs), and Individual Coverage Health Reimbursement Accounts (ICHRAs) to reimburse their employees for medical expenses need to pay an annual fee to help support the Patient-Centered Outcomes Research Institute (PCORI).

The One-Way Ticket to the Corporate Owner’s Home-Office Deduction

Thanks to the Tax Cuts and Jobs Act, there is only one way for you, the corporate owner, to benefit from the home-office deduction. And before you can get to this one way, you need to first establish that your use of an office in your home is for the convenience of your corporation.

Get Your QSEHRA Health Plan in Place Now

You have two good reasons to get your qualified small-employer health reimbursement arrangement (QSEHRA) in place on or before October 2. First, this avoids penalties. Second, your employees will have the time they need to select health insurance before your plan year begins on January 1.

Refresher on the Kiddie Tax and How to Avoid It

If you have children under age 24, you likely need some knowledge about the kiddie tax, especially how to avoid it. In this article, you first get the nuts and bolts. Next, you get the planning strategies.


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