Paying payroll taxes to Uncle Sam is no fun. But you know what’s even worse? Having an embezzler steal that payroll tax money, forcing you to come up with that amount again and paying it to the IRS. And after becoming a victim of theft, you know what’s really the cherry on top? Paying the government a Trust Fund Recovery Assessment (known as the 100-percent penalty … [Read more...]
Audits
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Can the IRS Require Odometer Readings with the Mileage Rate?
When it comes to calculating a deduction for the business miles you drive, Uncle Sam gives you two choices. You can use… 1. The IRS standard mileage method or 2. The actual vehicle expense method In this issue of the Tax Reduction Letter we’ll explain everything you need to know if you’re using the IRS mileage method. Don’t miss this important information. We … [Read more...]
Update on New Court-Approved Way to Defeat IRS Penalties
You and I have something in common. We both hate getting hit with tax penalties. That’s why we should be grateful that the most recent court cases dealing with Section 6751(b) of the tax code have given us a powerful weapon against IRS penalties. Want to learn more about how to put these new rulings to work for you? Read my new article title Tax Tips: Update on New … [Read more...]
Fraud by Tax Preparers Creates Huge Problems For Clients
Is your tax preparer honest? I sure hope so. Because if they’re caught preparing fraudulent income tax returns on your behalf, you could face some serious problems even if you’re completely innocent! Want to find out how to stay on the right side of the law and avoid an IRS audit caused by your tax preparer? Read my new article titled Tax Tips: Fraud by Tax Preparer … [Read more...]
Taxpayer Avoided 15 Hours of Paperwork; Lost $35,000 to the IRS
Most taxpayers find that keeping accurate records is a pain in the neck. But failing to keep these records can cost you a tremendous amount of money. That could be true even when it comes to tracking what you’ve spent over the years on home improvements. We’ve run the numbers on the Pendergrafts and discovered that they avoided just fifteen hours of paperwork that cost … [Read more...]