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Great Tips – find one that you can implement today! | | Bay Business Group LLC
Summer is a good time to do business entertaining. Meet the rules and you can deduct 50% of the cost. If you and your spouse work, the cost of sending your children to a summer day camp may qualify for the child care credit. Combine business and pleasure on a trip this summer and you can deduct the travel costs and other business-related costs. The number of days you use your vacation home affects the tax deductions you can take on the property. If your boat or recreation vehicle has sleeping space, a bathroom, and cooking facilities, it might qualify for tax deductions as a second home. Before you accelerate payments on your home mortgage, consider other uses for that cash. Do you have other higher interest rate loans? Document money transactions between you and your company (salary, rental payments, loans) as you would with an outsider. If you have self-employment income, consider setting up a "solo" 401(k) or a Simplified Employee Pension (SEP). Your smart phone may contain more