| |
| |
|
|
Taxes |
|
Save Money on Taxes - Let Uncle Sam Pay for Your Fun!
"Deducting Meals and Entertainment" O.K. You've been working really hard on these lessons. Now its time for some fun. Are you with me? Imagine if you could spend time with friends, eating, drinking and seeing shows and your company could foot the bill? Wouldn't that be GREAT! Fasten your seat belt, we're going on a (tax-deductible) journey? Tax Secrets of the Rich found here Our first stop is meals. There are several great ways to deduct your meals. The first is to turn your social outings into business meetings. No Fun, you say. Watch this, I say. Many of my lunches are already spent with colleagues and associates. That's the way it is when you're in business for yourself. You start spending more and more time with business partners and associates. Asset Protection Techniques Well, if I have lunch or dinner with a friend, that's NOT tax deductible. But, if I discuss business with that same person, suddenly it becomes a deductible expense. And what does it take to officially discuss business? The IRS says that that the following conversation will suffice: Your Associate: "How's Business?" Your Reply: "Great, but I could always use more business" (with the inherent request for referrals) That's it. You've just turned a social gathering into a legitimate business meeting and the meal becomes 50% deductible. Don't forget to document it properly. What about having a meal with your spouse or "significant other." We'll the IRS is pretty darn smart, so they aren't about to let use write off all our romantic dates. Yet they realize that when two couples go out for a meal, that's a great time to discuss business in a relaxed setting. So the rule is that if you and your spouse enjoy a meal with another couple and you have that same business discussion outlined above, the meal is (50%) deductible. You want more? No problem. Tax Strategies How about dinner and a show. Or what about a full day on the golf course? The rule is that if you have a business meeting that is followed by entertainment, or entertainment that is followed by a business meeting, that's a deductible expense. The IRS wants to see that you have a table or some other flat surface available to you during the meeting, so that you can sign documents, etc. Same thing goes for skiing, the movies or even a day at the beach. How about a ball game or even the Super Bowl? Just precede or follow it with a business meeting and document what you discussed. One more, you say. Fine here it is. Imagine that you work for a large insurance company or law firm. You're involved in a big case and you're up against a touch deadline. Your boss comes in toward the end of the day and says, "I need you to work though dinner tonight- we've got to come in under that deadline. Don't go home for dinner, just order in, on the firm". Its called "supper money" In essence, your boss has allowed the company you work for to buy your dinner. Your own company can do the same for you. Just don't forget to document your expenses properly. Sincerely, Drew has combined what he learned during formal education, informal education and twenty five years of business experience in the development of programs designed to teach people how to build and preserve lasting wealth. He is an author, teacher and international speaker in the areas of asset protection, and tax saving and wealth building strategies.
MORE RESOURCES:
Google News |
|
|
|
RELATED ARTICLES
Corporations Failing To Claim AMT Exemption Overpay Taxes By $11,000 Does your incorporated business pay alternative minimum tax ["AMT]? If so, there is a 93% chance you have been overpaying your taxes by an average of $11,000 a year according to the Treasury Inspector General.The Office of the Treasury Inspector General for Tax Administration was created in 1999 to oversee the IRS. Tax Reduction Tips In the rush to get tax returns prepared and filed by April 15th, many overpay their taxes. Following are a few tax reduction tips that could help you save a bundle. Save Money on Taxes - Is the Only Way to Get Your Tax Savings is to Sleep With an IRS Agent? Tilting the Tax Laws in Your Favor.In order to accelerate your movement along the wealth building curve, you absolutely MUST have your own business. Requirements To Produce Tax Information (Whats Up With That?) "What we've got here is a failure to communicate." --Strother Martin in Cool Hand Luke Statutory Law Governments pass laws, it's what they do. Tax Trap #4 -- The Quagmire of Depreciation If you are a Small Business Owner or Self-Employed Person, there's one especially lucrative tax break that not only puts money in your pocket, it also makes the filing of your business tax return much simpler.What am I talking about? It's called the Section 179 deduction, and if there's one tax break you need to understand, this is it. Tax Secrets - How Drew Miles Helped Me How about a Tax Tip?As we all know Taxes are a necessary evil. While none of us like paying taxes there are many strategists out there that can make your life a lot easier when that dreaded day arrives. How to Donate Your Car to Charity and Get Tax Deduction Donating your used car to charity is a win-win situation; the charity gets your gift and you get tax deduction. Below are some simple steps to make a car donation. The Implications of Income Tax Charge on Estate Planning OverviewIn the Pre-Budget Report of December 2003 the Chancellor Gordon Brown announced proposals to levy an Income Tax charge from 6th April 2005 in those circumstances where the transferor of an asset retains and interest or continues to benefit from that asset. In the instance of real property, the 'benefit' envisaged is the transferor continuing to reside in the property he/she has allegedly given away. Electronic Commerce Taxation and Pakistan Assume a buyer in Pakistan downloads software from the Internet for a 30-day trial. If he likes the software, he submits his credit card information and receives an authorization code that allows him unrestricted use of the software. Complaince of Tax Return in Electronic Commerce Taxation Emerging Legal issues of Tax compliance of e-business Self-assessment system relies on taxpayers voluntarily meeting their tax obligations by tax payee. This concept is recognised in all tax statutes, which sets out taxpayers' primary obligations to fill tax return on self-assessment, and clearly spells out that taxpayers are required to determine the amount of tax payable correctly and to pay it on time. Tax Time Tune Up Excerpted from the new book, "How to Do Space Age Work with a Stone Age Brain" TMThe complete article with pictures and sample Auto Log is available at www.organize. IRS Obtains More Than 100 Injunctions Against Tax Scheme Promoters The IRS has obtained civil injunctions against more than 100 promoters of illegal tax avoidance schemes and fraudulent return preparers in an ongoing crackdown that began in 2001. Many of the injunctions, obtained in cooperation with the Department of Justice, also order the promoters to turn over client lists and to cease preparing federal income tax returns for others. Gambling Income and Expenses - Tax Requirements Hit a big one? With more and more gambling establishments, keep in mind the IRS requires people to report all gambling winnings as income on their tax return.Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse and dog races and casinos. Six Urban Myths About Taxation Six Urban Myths - Taxation"I am proud to be paying taxes? I could be just as proud for half the money." - Arthur Godfrey Temporary Taxation in Canada In 1917, the Income War Tax Act (7-8 George V, Chap. Tax Trap #5 -- Ignoring The IRS (and the 5 best ways to contact them!) We all love to criticize the IRS, don't we? And I'm just as guilty as anyone. It's easy to ridicule a huge organization of government bureaucrats who often seem to be Public Enemy #1. What is a Federal Tax Lien? A Federal Tax Lien (FTL) is a legal instrument that secures the claim of the United States in the right, title, and interest of a debtor taxpayer's assets. It is a public document and is recorded at the County Clerk's office or the Secretary of State, depending on local law. How To Claim CHILD TAX CREDIT The Right Way And Add An Extra $2,000 To Your Refund The U.S. SFR Substitute for Returns: IRS Action on Non-Filers In the latest Star Wars episode, the evil empire executes a brutal revenge on the Jedi. While the IRS is not an evil empire (and due to the Revenue Reform Act of 1998 not very brutal anymore); it too is executing revenge on those who do not comply with filing their tax returns. Tax Reform, My Way We need real tax reform and we need it now. Previous attempts have been made at tax reform, but they have only provided band-aid solutions that have still left us with too many quirks, complication, and read tape. Employment Taxes - Depositing With The IRS If your business has employees, you must pay employment taxes. The payment system can be a bit confusing, so this article discusses how to go about depositing employment taxes with the IRS.
|
||||||||||||||||||||||||
