There are a number of significant tax advantages to having a business, not the least of which is your car expense tax deduction. Yet, if you want to lower your tax bill and get the highest possible savings, you need to know exactly how to handle this. If you do it right, you’ll drive your tax bill lower. If you do it wrong, you’ll turn the wrong way and could end up in a head-on collision with an IRS audit.

Here are some car-related expenses and approaches that could save you money by claiming a car expense tax deduction at tax time:

1.General business use. IF you have a vehicle that you use solely for the operation … Read more →

Health care costs have risen at an alarming rate over the past several years. There is perhaps no one that’s been hit harder in this regard than small businesses. It’s difficult for a small business owner to cover their own health care costs, let alone those of their employees.

Fortunately, there are some ways you can help contain your costs, and help out your employees as well: a Medical Expense Reimbursement Plan (also known as a “MERP”). While it doesn’t take all of the stings out of rising costs, it does provide you with a tax-free way to pay for medical expenses.

Here are some of the basics about the medical expense reimbursement plan, and why you should consider implementing … Read more →

Owning a business means putting in long hours and lots of hard work. It means putting your business first, even when you’d rather be doing other things. It means learning to wear several hats, and it means putting your own financial well-being on the line. In short, business ownership isn’t for the faint of heart.

There are perks to owning a business, too. In many cases, you have the flexibility that you wouldn’t otherwise have in terms of your schedule. You don’t answer to anyone else; you’re the captain of your own ship. On top of all of that, there are some small business tax benefits that go along with business ownership, as well.

Here are some of the small Read more →

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