Careful! Handle payroll taxes the wrong way and you could end up in an IRS agent’s office. Here’s some good advice that can help you avoid a whole lot of pain. Never deal with taxpayers who don’t remit payroll taxes to the government. If you do, you could wind up paying a huge penalty, even if what you think you are is an innocent bystander. That’s what happened to a … [Read more...]
Audits
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Owe Taxes for Misclassified Workers? It’s Section 530 to the Rescue!
To get my complete, FREE articlewith all the details… You know what’s bad? An IRS audit. You know what’s REALLY bad? When the IRS claims that many of your 1099 independent contractors are actually W-2 employees! You see, if that’s the claim they make, you may have to pay tens of thousands of dollars in unpaid payroll taxes! Why the huge extra tax … [Read more...]
Cash In on the Home Internet Deduction
To get my complete, FREE articlewith all the details… Do you do some work at home? Then I bet you use your home internet connection. I also bet that you may not know the IRS rules concerning the deductibility of your monthly internet expenses. That’s why I wrote this article in the new issue of The Tax Reduction Letter. I want you to learn how to deduct all the … [Read more...]
Is Your Sideline Activity a Business (Good) or a Hobby (Bad)?
To get my complete, FREE articlewith all the details… Do you operate a sideline business that produces tax losses? Are they tax losses that you deduct on your Form 1040? Then be prepared to prove to the IRS that your money-losing sideline business is a valid business and not a hobby.You see, if the IRS can claim that your sideline business is simply a hobby, you … [Read more...]
Both the IRS and CPA Are Wrong on a Rental Property Audit
To get my complete, FREE articlewith all the details… This is the story of a conflict between an IRS agent and a CPA. What were they arguing about? They were arm wrestling over a specific point of law… and guess what? They both were wrong! So what was the issue they were disputing? Before I tell you, here arethree key facts you need to know: Fact #1: In … [Read more...]