Did you know that the IRS will help pay your costs for setting up an employee retirement plan? You can get up to $1,500 as an expense reimbursement from Uncle Sam, and it’s really not that difficult. Continue reading
An Olympic tax loophole for business owners
What if you could write a check from your business to yourself, wave a magic want over it, and turn a legitimate business deduction into tax-free income for you? It’s possible! Abra-cadabra, let me explain how. Continue reading
How to deduct the cost of raising your child
From diapers to private schools, children are expensive, as a recent thread on White Coat Investor illustrates. The dependency exemption is no help, as it phases out to zero for Continue reading
Should I use the “SHOM” (Simplified Home Office Method)?
First, what is the SHOM? It is a 2013 IRS reg. that allows you to deduct $5/sq ft on a HO of Continue reading
FAQs about home offices for doctors
Let’s go over some commonly asked questions about the use of a home office. Continue reading
What business expenses are deductible?
The general IRS definition of a deductible business expense is “ordinary and necessary”. Continue reading
Should my business own my car?
Expenses for an automobile used in business can be quite valuable at tax time. However, Continue reading
Is my mileage deductible?
It depends upon the purpose of the trip and your records. The IRS does not allow a Continue reading
How do I compute estimated tax payments?
Let’s say you change from employee to self-employed at mid-year. You’ll need to make Continue reading
When is an expense deductible?
The IRS says a business expenses should be “ordinary and necessary” to be a Continue reading