Business owners can be some the most philanthropic people on the planet. No one makes more charitable donations than business owners. According to a survey, 51.8% of those with high net worth businesses, meaning they net a million dollars or more, give a ton of money to charities. The IRS estimates business owners give to five or more charities, which translates to them being about 10 times more generous than that of the general population. In fact, 83% of high net worth business owners actually plan to increase their giving in the next three years as well.
Summertime is a time of year when people rent out their property. In addition to the standard clean up and maintenance, owners need to be aware of the tax implications of residential and vacation home rentals. Receiving money for the use of a dwelling also used as a taxpayer’s personal residence generally, requires reporting the rental income on a tax return. It also means certain expenses may become deductible to reduce the total amount of rental income that’s subject to tax. Dwelling Unit This may be a house, an apartment, condominium, mobile home, boat, vacation home or similar property. It’s possible to use more than one dwelling unit as a residence during the year. Used as a Home The dwelling unit is a residence if the taxpayer uses it for personal purposes during the tax year for more than the greater of: 14 days or 10% of the total days […]
Hey, guys! This is Justin Goodbread with Financially Simple. I’m holding two books. We’re going to talk about these. I want to illustrate one of the biggest mistakes I see business owners make. So what do I have? Let’s talk about this book first. This the manual to my 2007 Nissan Murano. So that’s how much of this book, not much, about 2 pages which are dedicated to oil changes. If I go down to Walmart just down the road here and buy the five quarts of oil which my owners manual says I need in the oil filter. It’s going to cost about $13.43. Not bad. I do have the option though to go to like a Jiffy Lube and I can go to the Jiffy Lube and they’re going to charge me about $45 to change the oil. Yeah, they’re going to do some extra little things, but […]
Taxpayers who use their home for business may be able to deduct expenses for the business use of it. Qualified persons can claim the deduction whether they rent or own their home. Use the simplified method or the regular method to claim a deduction. Here are six tips to keep in mind when taking the home office deduction: