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Suppose you damage the car you normally use
for business in an accident. The car will be in the shop for several
weeks for repairs. Since you had a business trip planned for the end of
the month, you’ll probably postpone or cancel the meeting. Strategy: Go
ahead with your original plans. Just use one of your
family’s other vehicles for the business travel. Even
though it’s not your regular business car, you can still
deduct your business related expenses.
Example: Let’s say your teenage
daughter will be away
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Every business should
have adequate insurance coverage in the event of fire,
flood or other natural disasters. Similarly, you may
have “business interruption insurance” to compensate the
company for lost profits while you’re closed.
Hopefully, you won’t need to collect
on those policies. But it’s better to be safe than
sorry.
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How can you cut
operating expenses down to size? Using more independent
contractors might be the answer. But you can’t simply
label workers as “independent contractors” when it suits
your needs.
If the IRS reclassifies workers as
employees, your company could be hit with a whopping
bill for back employment taxes … with
penalties and interest to boot. Strategy: Stick to your guns for legit
arrangements. In a pinch, you might rely on “Section 530
relief” to bail you out.
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~ Salvage an Extra Deduction for Business
Travel
~Secure Tax Protection for Your Business
Insurance
~Cutting Cost by Using Independent Contractors
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Reasonable Compensation: Hot Button for IRS
Auditors. |
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A look into
how your compensation may trigger an IRS Audit.
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Sidestep Tax Traps on Future IRA Conversions |
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Tips and Strategies for converting traditional to Roth
IRAs.
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What is the "right" way to have my preferences
set up in QuickBooks |
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A quick look at setting preferences to enhance
productivity.
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