Did you know antique tractors are deductible? Are you aware that antique tractors can be deductible? You might be surprised to know that the IRS once tried to challenge this very topic in court. In a recent article, Tractors, Antique or Not, Are Deductible," we dive into the interesting case of Steven Hoakison and his collection of antique tractors. Hoakison faced an … [Read more...]
Audits
Sorted by Date
$80 Billion to the IRS: What It Means to YOU
“$80 Billion to the IRS: What It Means to YOU” To get my complete articlewith all the details... When lawmakers appropriate money, there are inevitably winners and losers. Thanks to The Inflation Reduction Act, the IRS will receive an additional $80 billion over the next decade, making the IRS a sure winner. This lets the IRS add thousands of new employees and … [Read more...]
C Corporation? Beware of the Hidden Tax
“C Corporation?Beware of the Hidden Tax” To get my complete articlewith all the details... Do you operate your business as a C corporation? Be careful. Missing a dangerous hidden tax can cost you big money! If you run your business as a C corporation, you have every reason to be happy. You’re enjoying a manageable 21% corporate tax rate You can now keep … [Read more...]
If the IRS Says Your Independent Contractors Are Employees, Use the CSP
If you misclassified your independent contractors, the IRS will come after you. Here’s how to avoid serious problems. Watch out! If the IRS audits your business and decides that you misclassified your independent contractors as employees, you could be in the soup. And deep in the soup. You see, the IRS will assess years of backemployment taxes, plus penalties and … [Read more...]
It’s Tax Filing Season—Mail Correctly To Avoid IRS Trouble
Are you sending documents to the IRS? Make sure they arrive by the required deadlines. Miss it and you’ll suffer. The song says, “Get me to the church on time.” The IRS says, “Get your documents to me on time.” And if you don’t, you’ll have to pay plenty and endure a lot of pain. That’s why this issue of my Tax Reduction Letter makes must reading. It shows you how to … [Read more...]