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Category Archives: Maximizing Deductions

HSA

Finding the right tax-advantaged account to fund your health care expenses

By Legacy Protection, LLP |

With health care costs continuing to climb, tax-friendly ways to pay for these expenses are more attractive than ever. Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and Health Reimbursement Accounts (HRAs) all provide opportunities for tax-advantaged funding of health care expenses. But what’s the difference between these three accounts? Here’s an overview: HSA. If… Read More »

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Business Travel

Combine business travel and a family vacation without losing tax benefits

By Legacy Protection, LLP |

Are you thinking about turning a business trip into a family vacation this summer? This can be a great way to fund a portion of your vacation costs. But if you’re not careful, you could lose the tax benefits of business travel. Reasonable and necessary Generally, if the primary purpose of your trip is… Read More »

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Day Camp

How summer day camp can save you taxes

By Legacy Protection, LLP |

Although the kids might still be in school for a few more weeks, summer day camp is rapidly approaching for many families. If yours is among them, did you know that sending your child to day camp might make you eligible for a tax credit? The power of tax credits Day camp (but not… Read More »

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Who’s subject to the 50% limit on meal and entertainment deductions?

By Legacy Protection, LLP |

In general, when meal and entertainment expenses are incurred in the context of an employer-employee or customer–independent contractor relationship, one party will be subject to a 50% limitation on the deduction. But which party? Last year, the IRS finalized regulations that address this question. In the employer-employee setting: If the employer reimburses the employee… Read More »

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Home office deduction 101

By Legacy Protection, LLP |

If your use of a home office is for your employer’s benefit or because you’re self employed, you may be able to deduct a portion of your mortgage interest, property taxes, insurance, utilities and certain other expenses, as well as the depreciation allocable to the office space. Or you may be able to take… Read More »

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