So you’ve decided to get rid of your old business vehicle and buy or lease a new one. What’s the first thing you need to do before you ditch the old car? Do a calculation and see if you’ve realized a gain or a loss. If it turns out you’re going to have a loss, don’t lose heart. You see, if you know how to play your cards right, you can still be a winner thanks to Uncle … [Read more...]
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How to prevent a full-scale IRS audit
When you’re on “The Price is Right” it’s great when they call your name and shout “come on down!” But when you get a letter from the IRS saying “Come on down — and bring all your tax records with you” you may not be so happy. If you going to visit with the IRS, there’s one tax record you’ll need to bring with you to the audit. If it’s in good shape, you limit, even … [Read more...]
Death, taxes, and the Section 179 deduction
When you’re dead, the status of the Section 179 deduction you took on your business vehicle won’t be troubling you much. But you’re alive and kicking! Which means you’re able to read my new article that explains what happens to your Section 179 tax deduction if you die, retire, or become disabled. Okay. I admit that this is not the most cheerful subject in the world, but if … [Read more...]
Who’s afraid of the big, bad, home-office deduction?
Are you reluctant to claim a home-office deduction because you have a business located elsewhere? Or are you afraid that claiming the deduction will raise a red flag at the IRS and result in an audit? Well, stop worrying! If you follow the law you’ll stay in Uncle Sam’s good graces and enjoy a nice, fat deduction. You’ll get all the facts and start saving money when you … [Read more...]
The right way to provide vehicles for employees
Thinking about providing your employee(s) with a car? Before you hand over the keys, you need to ask yourself an important question. “Will the vehicle be used by the employee for business or personal purposes?” Make sure you have the answer and understand its consequences. Why? Because under one scenario, the car is taxable to your employee. Or, you can provide the vehicle … [Read more...]