Switch from the Mileage-Rate to the Actual-Expense Method
Switch from the Mileage-Rate to the Actual-Expense Method
Category:
Tax Savings
Beating the $10,000 SALT Cap with the PTE Tax (Part 1)
Beating the $10,000 SALT Cap with the PTE Tax (Part 1)
Tax-Free Income from Rental of Home to Your Business
Tax-Free Income from Rental of Home to Y0ur Business
Using the Business Mileage Rule To Increase Your Tax Deductions
We absolutely love business mileage, and positively don’t like commuting mileage. You should dislike it, too. It’s personal. It’s not deductible. But with knowledge, it’s avoidable. Let’s eliminate commuting and make those trips from your home to your office deductible. The law gives you two ways to eliminate commuting from your home to your …
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So You Think You Want To Transfer Your Home To Your Adult Child
With today’s home prices and the crazy real estate market, you may want to transfer your home because it’s likely difficult for your children to buy a home. And it’s conceivable that you are ready to move on from your existing home. If this is true, consider the three options below. Option 1: …
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Deduct Your Home Office with a Partnership- 2 Correct Ways
If you work from your house, deducting your partnership home office costs can save you countless dollars each year. But here’s the catch: you need to do it properly. If you operate your business as a partnership, you have 2 methods to correctly deduct your home-office expenses. We’ll show you how each method works, whether …
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Can Your Smartphone Be A Tax-Free Fringe Benefit Deduction?
Can Your Smartphone Be A Tax-Free Fringe Benefit Deduction? How do you operate your business? As a proprietorship? A corporation? A partnership? (Note that your LLC falls into one of the categories.) Your business entity makes a big difference when it comes to the personal tax benefits you as a small business owner can …
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Self-Rental Trap-Avoid It Like The Plague!
Self-Rental is bad in many ways. Let’s say you own the building. Now, let’s say that you rent this building to your business. With no tax planning, you have a self-rental, and that makes rental income from this building nonpassive, meaning that it cannot offset any passive losses (very bad); and makes rental losses from …
Test Your Home Office Tax Deduction Tax IQ
March Quiz: Home Office Tax Deductions: Shannel R. works 40+ hours a week at her small downtown Kennewick office that she rents. She also spends 12 hours a week working at home doing all the administrative tasks required for her consulting business. Question 1 about Home Office Tax Deduction Can Shannel claim tax deductions for any …