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Taxes Information |
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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: So what are these state taxes on which nearly $234 million are owed? The answer can be found at http://bit.ly/bN1p8g — the Pennsylvania Department of Revenue website. NEW YORK - The developers planning to build a $100 million Islamic center near the World Trade Center site still have financial hurdles to clear: They haven't finished buying all the property they want for the project and are nearly a quarter-million dollars behind on real estate taxes and late fees. TOWNSEND -- Taxes, the economy, illegal immigration and even school uniforms were covered during a two-hour candidates forum for Democrat and Republican candidates for the 1st Middlesex District at Memorial Hall Thursday. Campaign 2010 GOP businessman runs for governor Jack Kimball wants to slash state taxes that he says handcuff New Hampshire entrepreneurs. But if the Dover Republican's gubernatorial campaign is rooted in his decades as a businessman, it's also a product of the Tea Party movement that emerged as a conservative political force following President Obama's election two years ago. "I look at things ... Minnesota's candidates for governor engaged in a heated debate over taxes and the deficit-plagued state budget before a wind-chilled but rowdy crowd Friday at the Minnesota State Fair. TOWNSEND -- Taxes, the economy, illegal immigration and even school uniforms were covered during a two-hour forum for Democrat and Republican candidates for the 1st Middlesex District at Memorial Hall yesterday. West Virginia state government collected $31 million more in taxes last month than expected, suggesting signs of a rebounding economy. Massachusetts has collected $89 million more in taxes during August compared with the same month last year, but... Congress seems increasingly reluctant to let taxes go up, even on wealthier Americans.Worried about the fragile economy and their own upcoming elections, a growing number of Democrats are joining the rock-solid Republican opposition to President Obama's plans to let some of the Bush administration's tax cuts expire.Democratic leaders in Congress still back Obama, but the willingness to raise ... My long-standing complaint against a certain form of conservative economic thinking, that usually promoted by Wall Street Journal editorial page, is that it considers just about every economic decision people make is a reaction to tax law . I still think that's bogus. |
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