Having your own business can enable you to have a qualified home office – and deduct expenses for your home that otherwise would be non-deductible.
When incurred by a business, legal fees are generally deductible as an ordinary business expense.
Part-time businesses should have their own bank accounts and bookkeeping records.
If there is a legitimate business reason why you take your spouse with you on a business trip, you can deduct his or her travel costs.
The unlimited marital deduction generally exempts the estate of a married couple who leave their assets to each other from federal taxes when the first spouse dies.
Divorced or separated parents are often in different tax brackets.
Smarter discount policies
There are several ways to take advantage of loopholes in the tax laws to enhance your retirement. Here are the most effective strategies to consider.