Create Tax-Free Fringe Benefit Deductions for your Smartphone
I hope you can benefit from this fringe benefit opportunity related to business smartphones. The IRS allows businesses to provide smartphones and tablets such as iPads as a tax-free fringe benefit, simplifying tax implications and eliminating the need for detailed usage records. Eligibility. This benefit applies to corporations, partnerships, and other entities, and it can […]
Tax Rules for Providing Free Meals and/or Lodging to Employees
If you’re wondering about tax-free treatment for employer-provided meals and lodging, you may find the following overview helpful. Under Section 119 of the Internal Revenue Code, businesses can offer employees tax-free meals and/or lodging, provided they meet certain conditions. Tax-free means that such benefits are not subject to federal income tax for the employee, nor […]
Five Rules for Turning Your Vacation-Even a Luxurious One into Tax-Deductible Business Travel
Here’s an idea: how about transforming your next vacation into business travel? With careful planning, your transportation to any destination could be fully deductible. This includes airfare—even first-class—luxury hotel stays, and cruise expenses. If you can tie your travel to business purposes, you can enjoy substantial tax savings, depending on your tax bracket. Two Main […]
NEW Crypto Tax Reporting Rules Are Coming Soon
If you invest or trade in Bitcoin, non-fungible tokens (NFTs), Stablecoins, or other digital assets, prepare for sweeping new tax reporting requirements. Congress wants the IRS to crack down on taxpayers who buy and sell crypto but don’t report or pay tax on their gains. To do so, it wants people and companies that facilitate […]