Does your tax-preparation firm seek a commission based on how big a refund they can get for you on an amended tax return? If that’s what they propose, turn around, walk out the door, and start running! You see, Treasury Regulations make it illegal to charge a contingent fee for amended returns. To get the whole story on how to spot this tax-preparation scam, don’t miss my … [Read more...]
Audits
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How to get a deduction for your classic car
Do you drive a classic car in the course of conducting your business? If you do, here’s a fact you should know… Some important tax law changes now allow you to claim a fat deduction on your four-wheeled business asset! Of course, as always, the devil (and the IRS) is in the details and you have to know how to handle things correctly. We’ll show you how, and steer you in … [Read more...]
How to “IRS-proof” your mileage log
Surprise! You’re going through your mail and there it is. The letter you never wanted to get… An audit notice from the IRS. It seems that Uncle Sam wants to take a close look at your vehicle mileage log. What’s that? All you’ve done is jotted down an estimate of your business vehicle usage? That’s too bad. You see, the IRS wants a LOT more than estimates, and if you … [Read more...]
The truth about tax preparation software
Here’s a fact every business owner should know: Using tax preparation software for your business can be a dangerous business! Why? Because your odds of getting all your numbers into the right categories listed by your software are slim. Which invites an audit from the friendly IRS. Oh, sure. You can buy some type of audit defense or “representation insurance” to protect … [Read more...]
Protect yourself with digital tax receipts
Let’s face it. The IRS is paid to be suspicious. And who can really blame them? After all, it’s their job to make sure that the meals, trips, etc. that you “write off” as business expenses are legitimate. That’s why it’s so important to keep complete back-up documentation that will prove to the IRS that all your deductions are on the up-and-up. We’ll explain how you can … [Read more...]