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You’ve finally done it! The kids are out of the house, you’ve finally gotten your finances under control, and you’ve built up enough home equity to pay cash for a home in some parts of the country. Now what? If you’ve thought about relocating to a place with a lower cost of living to reduce your expenses, what happens to your tax bill when you move?

It depends on what you do with your existing home.

Sometimes, simply selling the property might be the best option. You can maximize the gain exclusion ($250,000 for singles, $500,000 for married filing jointly). This exclusion will save you up to $75,000 in tax. If your profit on the sale is higher than these … Read more →

Years ago, the rules for deducting business-related entertainment expenses changed. The deduction was cut in half, only allowing you to deduct 50% of the expense. This was a bit of a blow to many small businesses, and since then we’ve all been trying to find ways around the 50% limit.

There are a number of different ways you can max out your entertainment deduction. Some of the most common include:

Entertain in your home, and conduct business. Your home is conducive to business. If there is a business intent to a gathering and business is discussed or conducted, you may be able to deduct the costs. Beyond that, however, if the business is in the form of a party for… Read more →

Regardless of whether you are a sole proprietor or the owner of a corporation, you must file taxes. Most people have the typical deductions down. Business owners can deduct their mileage and other auto expenses, office rental, employee wages, and contract labor. But did you know there are a plethora of other things that you may be able to deduct on your taxes? Keep reading to learn about some surprising tax déductions.

Advertising- Any money spent on branding, business cards, signage, advertisements in newspapers or magazines, etc. are fully deductible. This even includes the little candies you give away at your trade show booth.

Gym memberships & Pools – The costs you incur to exercise can be deductible if your … Read more →

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