Sure. A business credit card is a tremendous convenience. With it you can pay for travel, entertainment, vehicle expenses, and much more. But watch out! If you’re not documenting those business expenses the right way, the IRS might come calling. Want to avoid an audit and stay out of trouble? Read my new article titled Tax Tips: Danger with Business Credit Card Three … [Read more...]
Audits
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How to handle a tax debt you can’t afford
Can’t pay Uncle Sam the money you owe him? Don’t panic. Okay. Panic a little. But remember that the IRS has created several relief procedures you can use if you’re in a jam. If your tax debt ever spirals out of control (and we hope it never does), you’ll be glad you read my new article titled Tax Tips: Five Ways You Can Fight the IRS When Your Tax Debt Is Too Big to … [Read more...]
Year-end tax-savings ideas not to be missed!
I know. Some tax-savings ideas can be rather complicated and a bit difficult to implement. That’s why I’ve pulled together five super-easy tax-savings ideas for you to use now! Hey, 2015 is almost here and it would be pity not to keep all the money you’re entitled to in your pocket. Not Uncle Sam’s. If you’re looking for some money-saving ideas you can put into action … [Read more...]
How to survive an IRS rental properties audit
I recently heard from a reader of the Tax Reduction Letter asking for advice. It seems that an IRS auditor had examined the couple’s three rental properties, disallowed their losses, and told them to expect a tax bill for $55,000! My reader asked if there was anything he and his wife could do to successfully challenge the IRS ruling and avoid paying the $55,000. It turned … [Read more...]
Straight talk about crooked tax preparers
I sure hope your tax preparer is honest. You see, if he or she is claiming false or fraudulent deductions on your behalf, you could be in big trouble even if you’re completely innocent of any wrongdoing! That’s right. If the IRS discovers that your tax preparer is dishonest, it’s likely you’ll get caught up in the government’s web too… and suffer serious consequences. Want … [Read more...]