Back-to-School Tips for Grownups

August is back-to-school time across the country. Whether the school buses are already disrupting your commute to work — or will be soon — the start of the school year brings opportunities for savvy business owners. ABCs of Education-Related Tax Breaks On a personal level, there are numerous education-related federal tax deductions and credits to consider. But the key to claiming them is Continue Reading

Winds of Misfortune Blow Your Way?

A natural disaster or other casualty can be bad news for your business, but you might be able to salvage a tax break. Taxpayers can claim a casualty loss deduction on their tax returns if they've suffered a "sudden, unexpected or unusual" event -- including a hurricane, earthquake, tornado, fire, flood, or storm. Auto collisions and thefts can also qualify. (However, no deduction is allowed for Continue Reading

Lose Weight, Gain a Tax Deduction

It's hard getting motivated to lose weight, but here's something that might help: The IRS  recognizes obesity as a disease and allows taxpayers to deduct certain weight-loss expenses. (IRS Revenue Ruling 2002-19) Prior to this ruling, taxpayers could only deduct weight-loss expenses to treat a condition "associated" with obesity (such as high blood pressure) -- not the obesity itself. But as Continue Reading

Wrap Up Last-Chance Tax Breaks for 2013

The holiday season can be a difficult time to think about taxes. But with a few last-minute maneuvers, you might be able to reduce the amount of money you owe Uncle Sam for 2013. Here are six strategies to consider. But don't delay. Once the ball drops on New Year's Eve, these tax breaks will be gone. 1. Take Charge of Charitable Donations. If you make a donation of cash to charity in Continue Reading