Well, things have changed in 2018 when it comes to writing off meals
Entertainment expense and related meals are non-deductible. It truly is a major blow to small and big business, and the cost of doing business just went up.
You may think your new business and idea needs 100% of your attention and time…however, what your business really needs more than your time is YOUR financial stability.
A good rental property strategy will not only to build an incredible long-term and sometimes immediate tax strategy, it will inevitably build wealth for future retirement and should provide current cash flow benefits if you choose wisely.
Safeguarding our personal information from identity theft and not letting ‘the world’ know where we live, is very different than hiding a rental property or asset. Otherwise stated, our personal privacy is different than the privacy needed in keeping the location of an asset private. The important point I want to make in this short article is that we need to understand what we are trying to protect, and then be targeted and exact in our privacy protection strategies.
Many people think that umbrella insurance is great coverage because it will ‘fill in the gaps’ and cover me if my regular auto, home owners or rental insurance doesn’t cover me- WRONG. Umbrella insurance is built to be there for ‘excess’ claims that might exceed your regularly insurance policy. Moreover, the umbrella policies oftentimes have very specific provisions that it won’t pay out any benefits until primary policy in place has been exhausted.
Having a Board of Directors or Advisors will be a ‘support team’ in many ways; giving encouragement, advice, and guidance regarding your vision and goals.
How you classify a ‘worker’ in your business, whether as an employee or sub-contractor, can have far reaching effects to you AND your business.
Starting a successful business normally involves performing research and due diligence to gain an understanding of the particular industry with an eye towards taking the proper steps to ensure that your presence in the marketplace is adequately protected from unfair competitors.
The IRS is stepping up its audits on those with workers in their private homes. Make sure you are up to speed on the rules that apply to you AND your help.