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Tax Deductions

Tax Reasons to Put Your Spouse On Payroll

It’s hard to find trustworthy and reliable employees these days. But you may not have to look farther than your bed to lure a great employee. Hiring your spouse as an official employee in your business can not only help solve your staffing problems but it can also provide
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Use Two Cars To Maximize Your Tax Deduction

With the start of the new year, you’re probably wondering what new tax strategies you can implement to help you increase your tax deductions for 2013. In keeping with one of our main goals at Gedeon Law & CPA, we endeavor to help our clients convert as much of their
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How to Deduct Your Commuting Mileage

For most folks, commuting mileage is a non-deductible expense – unless you know the little tax trick I’m about to reveal. No one enjoys fighting rush hour traffic every day, twice a day, and all you have to show for it is gas money down the drain and wear and tear on
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How To Benefit From Your Charitable Donations

I recently put together an article on how a business owner can take a tax deduction for renting out their home to their company for a business meeting. You don’t, however, have to be a business owner to get a tax break for renting out your home for a meeting. By reading
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How To Write Off $14,000 To Hold Business Meetings In Your Home

This little tax tip I’m about to share will let you write off an extra $14,000/year for your business while putting the money in your pocket tax free. At this time of year, you are probably thinking it’s time to hold your annual board of director, partnership or
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How To Fully Deduct Your Holiday Party

It’s that time of year when you’re probably planning your company’s holiday/employee party. Having a holiday party is fun, especially when alcohol is being consumed. Who doesn’t love discussing those embarrassing holiday party moments on Monday morning
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Deduction for Personal Car Used for S Corporation

So you operate your business as an S corporation. Like many business owners, you probably use your personal car to conduct business for the corporation. Say you make regular sales calls and drive a total of 30,000 miles a year. The car is registered in your own name, not the S
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Are Your 401(K) Contributions Deductible in Canada?

You might recognize this situation. You are a Canadian resident working in the USA on a TN visa. Your employer offers a 401(K) plan that includes a matching contribution. You know contributing to the 401(K) plan lowers your taxable income in the USA. Does the same hold true for
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Do You Need To Keep Expense Receipts?

A business client of mine recently went through an IRS audit and was worried he hadn’t kept all the receipts for his business expenses. Does my client need a receipt for all his business expenses? Not necessarily, according to the IRS regulations. In fact, the IRS makes an
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