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Tax Tips

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

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

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

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

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