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...]
Audits
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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...]
Be Sure You Know the Tax-Home Rule
To get my complete, FREE articlewith all the details… Do you ever travel out of town for work? If you do, you probably know that you can deduct a whole lot of expenses when you’re away from home on business. What you may not know is that the IRS may decide you also have a “tax home” at that travel destination that denies your travel deductions. Definition: Your tax … [Read more...]
How 1099s Caused the Dentist Pain
To get my complete, FREE articlewith all the details… Seven R. Olmos DDS made a terrible mistake. One that I hope you never make. He failed to file a tax return. How did Dr. Olmos make such an obvious error? Well, everybody knows that failing to file a tax return is like waving a red flag in front of a bull. So how did Dr. Olmos, a sophisticated taxpayer, … [Read more...]
A Sneak Peek Inside an IRS Playbook
To get my complete, FREE articlewith all the details… You open the mailbox and there it is… That dreaded letter from the IRS informing you that you’re going to be the target of a comprehensive audit. Ouch! (By the way, the stiff drink you gulp down, and the adult diapers you purchase, are NOT deductible!) Are you prepared for your audit?Your IRS agent sure … [Read more...]