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Tax Tips
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There Is No Free Meal

“Sandy, I received an invitation for a free meal at an investment seminar. Is this taxable, if I go with my wife?” Answer: No, it isn’t taxable. As a recipient of the meal, you don’t owe any income tax on this benefit no matter how lavish the meal. HOWEVER, there is no such thing as...Read More
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No Good Deed Goes Untaxed: Part Two

In Part One, I noted that you can deduct out of pocket expenses for charitable activities. I included some of these expenses, but here is a continuation of more items that can be overlooked but are deductible: Home Entertainment If you host a fund raiser or board meeting, you can deduct the entire cost of...Read More
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No Good Deed Goes Untaxed: Part One

I will be posting a two part series on receiving a charitable deduction for “good deeds.” The problem is that you can’t deduct the cost of your time and effort that you spend on behalf of a charity; however, this doesn’t mean that your good deeds go for naught. Key: Track your out of pocket...Read More
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This is a little embarrassing.

I have a super-embarrassing confession to make… But I think there is a valuable teaching moment here that will help you so I’ve decided to swallow my pride and share it. So here is the confession: We at Taxbot (The company that’s been teaching you about tax strategy and have been hounding you not miss...Read More
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Hire Your Kid & $ave

Cool tax tip: hire your kids to help avoid the 3.8% net investment tax on the sale of your business. Here is a very important tip for business owners.Normally, sales of stock and other capital gains are subject to a relatively new 3.8% tax on net investment income (NII). This applies not only to stock...Read More