Business Car Use: Keep Adequate Records
If you fail to keep adequate records for business car use, the IRS can disallow deductions. You are required to [...]
Related Party Transactions: Planning Around the Matching Rule
The related-party matching rule places your business on the cash method for deducting payments to related cash-method payees. You need [...]
Four Ways to Avoid Cash Flow Problem
Cash flow problems in a business don’t just come out of nowhere – there’s always a cause. In many cases, [...]
Be Excellent, Not Perfectionist
“Perfect” may be the ultimate praise, but trying to attain perfection can cause stress, hinder efficiency, and create unnecessary conflicts [...]
Releasing Your Passive Losses
As you may know, the rental property rules have prevented you from deducting your passive losses in prior years. That’s [...]
Traits of Successful Team Players
Whether you’re forming a fully self-directed work team or leading a group that just needs to collaborate effectively, you must [...]
Tax Benefits of Hiring Your Child
You can pay your child to work in your business and get paid for paying your child. The basic mechanics [...]
Retirement Savings Mistakes to Avoid
Make one or two mistakes in handling your retirement money, and you could be paying a stiff penalty later in [...]
Avoid Recapture Tax When Selling Your Home
As you likely know, the depreciation you claim with your home-office deduction is subject to a recapture tax when you [...]
What’s Miscellaneous Deductions?
What do we mean by “miscellaneous deductions”? Miscellaneous deductions are tax breaks that generally don’t fit into a particular tax [...]