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Business owners will spend 30 minutes figuring out whether they can deduct a $47 dinner while writing checks for $10,000, $15,000, or even $20,000 a year in medical expenses out of their personal bank account. Health insurance. Deductibles. Copays. Prescriptions. Dental work. Glasses. All paid personally with money you've already paid taxes on. But depending on how your business is structured, there may be a perfectly legal way for your business to pay or reimburse some of th

Here’s one of those tax strategies that sounds like it was invented by a guy sitting at a bar trying to figure out how to pay less in taxes. It wasn’t. It’s actually in the tax code. And it can be incredibly useful for business owners. It’s called the Augusta Rule, and it comes from IRS Section 280A(g). Here’s the basic idea: You can rent your personal residence to your business for up to 14 days per year. Your business can potentially deduct the rental expense. And the renta

You worked hard for your home. Don’t let some ambulance chaser with a judgment take it. You’ve probably heard that forming a corporation or LLC helps protect your personal assets when your business gets sued. Cool. But let’s flip that script: what if you get sued personally—like from a car accident, a pissed-off neighbor, or an old business partner looking for revenge? What then? They’re coming for your house. Specifically, the equity in your house. That juicy, delicious equi