In a recent issue of the Tax Reduction Letter, we explained how to keep IRS “temporary work location” rules from destroying your business mileage deductions. In this new issue of the Tax Reduction Letter we’ll demystify the IRS’s complicated “metropolitan area” rules that also impact your business mileage deductions. Leave it to the IRS and the courts to make business … [Read more...]
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How to maximize vehicle-mileage deductions (Part 1)
Whether you’re running a corporation, proprietorship, or partnership, you want to claim the maximum mileage deductions possible. But be careful. You see, it’s extremely important to deduct only legitimate miles. If the IRS finds mileage-deduction violations, you’ll look like a tax cheat and potentially open the door to a detailed audit. No fun. So how do you deduct all … [Read more...]
How a little knowledge can save you in an audit
Most tax advisors serve their clients well. But that doesn’t mean that you should be ignorant of the tax law and passively accept all your tax professional’s advice uncritically. Hey. It’s your money and you need to be aware of what’s going on… especially if you’re called into an IRS audit. That’s what Mrs. and Mr. Smith found out the hard way. Read the full article. You … [Read more...]
How to deduct a “principal” home office
Are you afraid to claim a home-office deduction because you also commute to an office outside your home? Well, you may be passing up a big tax break you absolutely are entitled to. You see, if you know how to play the game, you can qualify for the home-office deduction which turns your commuting mileage into deductible business mileage. You’ll learn how to come out a … [Read more...]
Two-car deduction strategies and the IRS/courts
In my article, “Find new tax deductions with two-car tax strategies,” I explained a winning way to keep more money in your pocket. In my new article, you’ll learn how the IRS and the courts view your use of multiple vehicles for business purposes. And the news is good! Want to find out how to keep Uncle Sam on your side when you use two-cars or more? Read my new article … [Read more...]