Monthly Archives: February 2016

Strange Tax Benefits

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The tax laws are written with a purpose in mind, but at times, it may be used (loopholes) to receive unintended benefits.

  • You may be able to rent out your home or vacation home tax-free if rented for less than two weeks during the year
  • If you have a home office, you may be able to deduct the cost of building a gym or swimming pool if it is for the benefit of your employees and their dependents (especially if your wife is your employee)
  • Through your IRA you can own a business and any income will not be subject to taxes. This one can be difficult to implement, and you must follow all the rules exactly.
  • If your children work for your business you may be able to deduct their wages and they may not have to pay taxes on them either.
  • Your dog if you are hearing or visually impaired. This includes dog food and training too.

There are many strange, creative, and at times aggressive tax strategies that can be employed to help you to save taxes. This is just a list to show that we think outside of the box. If you have any questions, please let us know.