When you know the employee entertainment rules, you can party with your employees and deduct 100 percent of the cost. In this blog post, you will learn the following: What it takes to qualify an employee party for the 100 percent deduction What types of employee entertainment qualify for this 100 percent deduction How tax …
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Over the last decade, the IRS has steadily and methodically tackled the compliance hassle that is reasonable compensation over the last decade. Several years ago, the IRS put together a game plan for its staff. This internal “Job Aid” sets out when and how penalties should be assessed and details three approaches for determining reasonable …
When you know the rules related to business mileage, you protect yourself in the event of an IRS audit, and pay less tax. Take Joe, for example. Before he knew the mileage rules, he deducted 30 percent of his SUV’s cost. Once he learned the rules, he deducted 92 percent. Or look at poor John—he …
The Consolidated Appropriations Act (CAA) was signed into law on December 27, 2020. And when you operate a business, you have a variety of tax breaks available. The recently enacted Consolidated Appropriations Act extends and expands some of the breaks. We bring the following selection of them to your attention as a tax-strategy buffet. Business …
Quеѕtіоn. If уоu hаvе аn оffісе оutѕіdе уоur personal hоmе—ѕау, dоwntоwn—саn you have a tаx-dеduсtіblе home оffісе іnѕіdе your hоmе for thе same trаdе оr business? Anѕwеr. Yes. Q. Whо says that? A. The IRS. Q. Show mе whеrе they ѕау thаt! IRS Publісаtіоn 587 In IRS Publісаtіоn 587, the IRS ѕауѕ this: Your hоmе …
Why a Business Plan is Important for Your Business I think it’s safe to say that nearly all business experts agree that all entrepreneurs can benefit from having a business plan. Why is a business plan important for your existing business or your startup business? According to a study by Palo Alto Software, entrepreneurs who …
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Should I Incorporate or Form an LLC for my MLM Business? MLM entrepreneurs are considered independent contractors. By default, they’re sole proprietors, but forming a legal business entity offers potential liability protection and tax benefits. Also sometimes called “network marketing” companies, an MLM business offer income opportunities to folks who want to set their own …
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How to Start a Vending Machine Business The vending machine industry is one that has evolved and steadily grown since 2012. As consumers’ lives get busier and people seek convenience and time-saving options while on the go, vending machine operators have many opportunities. Have you been thinking about how to start a vending machine business? …
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How to Start a Tutoring Business Tutoring has the potential to be a lucrative side gig or a viable full-time career. Which of those you achieve depends on what your goals are and whether you do what it takes to launch and grow your business successfully. If you’ve wondered how to start a tutoring business …
How to Start a Dropshipping Business Statistics indicate that a third or more of e-commerce brands use dropshipping as a way to provide products to customers. If you’ve been thinking about starting an online store but don’t want to deal with the costs and hassle of maintaining inventory, you may find the dropshipping business model …