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...