3 results for tag: Tax Deduction
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 ...
Helicopter View of Meals and Entertainment (2021-2022)
I thought I'd share some good news as it seemingly "feels" like we might be seeing some improvements of our current COVID-19 protocols that would allow us to venture toward our more "normal" business activities that will now be more conducive to connecting with our Customers again.
When you know the rules, Business Entertainment and “Employee Entertainment” costs are allowed to be tax-deductible.
The IRS says that the following types of entertainment qualify for the 100 percent employee entertainment tax deduction.
To help you get ready, check the table below for what you can do in 2021 and 2022 as the law stands now:
Takeaways
The ...
New Stimulus Law Grants Eight Tax Breaks for 1040 Filers
The new, massive stimulus bill enacted into law on December 27, 2020, contains eight new tax breaks designed to help the non-business taxpayer.