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Tips For Deducting Travel Expenses

As you likely know by now, your travel meals continue under tax reform as tax-deductible meals subject to the 50 percent cut. And tax reform did not change the rules that apply to your other travel expense deductions. One beauty…

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5 Tax Home Tips

The fact that your personal home is not your tax home is one income tax issue. Here’s another: business travel is different from business transportation. Your tax deductions, tax strategies, and tax records hinge on the following federal income tax–defined…

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Planning Your Tax Deductible Business Life

You can plan your tax-deductible business life to avoid cold winters and hot summers. Spend a moment examining the following four short paragraphs that contain the basic facts from the Andrews case. For six months of the year, from May through October,…

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Tax Law for Income From Hobbies

The tax law has mistreated hobbies for a long time. But the most recent tax reform brings the grim reaper to the party, and it’s not pleasant. This means you need to focus on making your activity a business and…

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How to Beat an IRS Penalty

You hate IRS penalties, right? Everyone does! There are a lot of strategies we can use on your behalf to potentially defeat an IRS penalty. Thanks to the courts, though, we now have a brand-new way to beat an IRS…

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Tax Implications of Accepting Bitcoins as Payment

Are you considering accepting bitcoins as payment? If so, you should know the tax implications of accepting bitcoins in your business and the major pros and cons of doing so. I’m going to use an example to explain this. Example.…

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Winning Strategies For Small Business Owners

The new 2018 Section 199A tax deduction you can claim on your IRS Form 1040 is a big deal. There are many rules (all new, of course), but your odds as a business owner of benefiting from this new deduction…

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