Wonder what you can write off as a business expense when you set up a medical expense reimbursement plan? Here’s detailed list of medical expenses that you can write off as business deductions if you form a Medical Expense Reimbursement Plan (MERP) Section 105 tax deduction. Eligible medical expenses that can be reimbursed include: Insurance: Health insurance premiums (Paid Out of pocket or withheld from spouses check) Major...

Ever stay with friends & family when you take business trips? Do you slide them a few bucks to say thanks for having me? You can write it off on your taxes! Your friends or family can rent their home out for up to 14 days a year without having to claim the income on their taxes. To make this work, you would have to pay your friends the “fair rent” amount for the length of your stay. Check with local hotels & motels for...

Here’s a way to get big tax deductions for your vacation home. Turn it into an employee recreation facility! The IRS wants you to take good care of your employees. You need to party with your staff to improve employee morale, for team building, and to bind them to your company. Remember, if you provide better working conditions and more fun than your competition, the good employees will stay. So throw the annual holiday party at the...

The Internal Revenue Service has a very interesting sense of humor. Back in 1978 they came up with this law that says you can write off your expenses for operating your yacht if you use it for business travel. But if you use the yacht for business entertainment, all of your business travel expenses could be denied. Huh? Excuse me…business travel on a yacht is entertainment! What are they thinking? I don’t know why they even...