2 results for tag: Tax Advantages


Business Gym for Your Employees, and Maybe You Too

It's no secret that you have many tax advantages when you operate your own business. For example, setting up a business gym on your business premises or in a separate building can create A tax deduction for the business, and Tax-free benefits for the employees—and possibly for you too. But you need to pick the right tax code section along with the right IRS regulations to ensure deductions and tax-free status. The Winding Road You would think that lawmakers could give you a clear tax path to a business gym deduction. But instead, you have a winding road before you. Don’t worry! We’ll create a clear path. But first, you ...

Self-Employment: Quick and Dirty Guide to Tax Issues and Savings

If you're considering joining the Great Resignation and becoming self-employed to be in charge of yourself, pay attention. Before leaping, here are some things to consider regarding the tax implications. This self-employment thing may not be as rosy as it appears. Here’s the big picture. Don’t Believe the Hype Despite what some may believe, becoming self-employed wonʼt allow you to: Write off all your meals as a business expense, Deduct the cost of taking your friends to sporting events, Deduct all your transportation expenses, and Write off the entire cost of owning or renting a residence that contains your home office. S...