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Summer Tax Tip #9 – Entertain Top Business Clients

You may be eligible to write off 50% of the cost of business meals and entertainment if you entertain clients before or after a substantial business discussion. For instance, after you hammer out a business deal, you might treat a client to a round of golf and then dinner and drinks at a…

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Summer Tax Tip #8 – Minimize Vacation Home Use

Federal tax law allows you to deduct expenses related to renting out a vacation home to offset the rental income you receive. With summer already underway, you’ve probably worked out a rental schedule for your vacation home, but remember that you can’t deduct a loss if your personal use of the home exceeds…

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Summer Tax Tip #7 – Donate Household Items to Charity

Are you planning to clean out the garage, attic or basement this summer? If so, you’ll probably find household goods — such as used clothing and furniture — that you don’t want or need anymore. Consider donating these items to charity. Assuming they’re still in good condition, you may take a charitable deduction…

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Summer Tax Tip #6 – “Go Fishing” for Deductions

The IRS won’t allow you to claim deductions for an “entertainment facility,” such as a boat or hunting lodge. But you can still write off qualified out-of-pocket entertainment expenses, subject to the 50% limit. For example, if you take a client out on your boat, no depreciation deduction is allowed — but you…

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Summer Tax Tip #5 – Take Advantage of Business Travel

Suppose you’re required to go on a business trip this summer. You can write off your travel expenses as long as the trip’s primary purpose is business-related — even if you indulge in some vacationing. For instance, if you spend the business week in meetings and the weekend sightseeing, the entire cost of…

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Summer Tax Tip #4 – Rent out Your Primary Residence

Do you live in an area where a major summertime event — such as the U.S. Open golf tournament, the Hampton Classic horse show or the San Francisco Marathon — will be held? If you rent out your home for no more than two weeks, you don’t have to comply with the usual…

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Summer Tax Tip #3 – Throw a Company Picnic

You can generally deduct the cost of a picnic, barbecue or similar get-together. Not only will these events provide your workers with a break from the daily grind, but the 50% limit on meals and entertainment expense deductions also doesn’t apply. There is one caveat: The entire staff must be invited to qualify…

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Summer Tax Tip #2 – Support a Recent Graduate

If your child recently graduated from college, this is probably the last year you can claim a dependency exemption for him or her. However, you must provide more than half of the child’s annual support to qualify for the $4,000 exemption. To clear the half-support threshold, consider giving the graduate a generous graduation…

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Summer Tax Tip #1 – Send the Kids to Camp

Parents who need to work may decide to send young children to summer camp while school is out. Assuming certain requirements are met, the cost of camp may qualify for a dependent care credit. Generally, the maximum credit is $600 for one child and $1,200 for two or more kids. But this tax…

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Carefully structured ownership and operation of a mixed-use project may offer enhanced depreciation deductions

by: Mike Rosenberg, CPA, Retired Partner as published in MANN Report To sharpen the economic viability of a development project, a developer will often incorporate several components into a building to help offset the high land and construction costs. In particular, residential rental properties are often constructed as mixed-use projects which incorporate other uses, such…

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Prime your business to reap the best possible selling price

Planning to sell your business within the next five years? If so, get in line. So are approximately four million other business owners. Can your business fetch the best possible price in a buyers’ market? With so many entrepreneurial Baby Boomers approaching retirement and angling to exodus into their golden years, how will your business…

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