killmessenger

Avoid “Kill the Messenger” Syndrome

Always take responsibility for your mistakes and avoid “kill the messenger” syndrome at all costs. You might be asking what is “kill the messenger” syndrome? Good question. Sometimes folks make clear financial errors,which are pointed out by friends. Yet these same folks get mad at the messenger. Always try to avoid this. A good example …

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tax planning for residence that is fully paid off

Do either you or your parents have their principal residence mortgage free?  If so, no deductions are gotten from that residence. Even worse, most of the taxes paid are probably not deductible since there isn’t enough to probably itemize these deductions in order to deduct all the taxes. Thus, what should you do? Here is …

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Deducting vacations for both US and Canadians

Deducting “vacations”: Normally vacations aren’t deductible,but if you can do sufficient daily work, the daily living expenses are deductible. You are on business travel whenever you are sleeping away from home overnight conducting business. The key is that your primary purpose of the trip is for business. Thus, if your primary business is to have …

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Two week rental loophole

Two week loophole: If your total rental period is for 2 weeks or less, 100% of the rental income is tax free. Thus, if you were to rent out your home for the Olympics for two weeks to NBC and charge $25,000 a week, the total $50,000 is tax free. Caution: Since the rent is …

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Deducting out of town costs for conventions and seminars

Deducting conventions to London or Paris: Conventions have special rules for deductions. First, the trip must be reasonable to be in that location if the convention is outside of North America.,. Thus it has to be as reasonable to have the convention in London as in Chicago or NY Thus, if all attendees are from …

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