Thinking about buying or selling a business car, truck, van, or motor home? Then you need to read my new article right now. Why? Because I’ll tell you how to get some substantial vehicle deductions and avoid vehicle buying/selling tax mistakes this year… which is going to come to an end very soon. If you handle things the right way, you could wind up with more spendable … [Read more...]
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How to switch from IRS mileage to actual expenses
Are you getting the most out of your business-vehicle deductions? If you’re using the IRS standard “mileage-rate” method, have you ever wondered what you need to do to switch to the actual expense method? I’ll show how to make that switch the right way when you read my new article titled Tax Tips: You Can Switch from the IRS Mileage Rate to the Actual-Expense Method. Three … [Read more...]
How to “IRS-proof” your mileage log
Surprise! You’re going through your mail and there it is. The letter you never wanted to get… An audit notice from the IRS. It seems that Uncle Sam wants to take a close look at your vehicle mileage log. What’s that? All you’ve done is jotted down an estimate of your business vehicle usage? That’s too bad. You see, the IRS wants a LOT more than estimates, and if you … [Read more...]
How to turn commuting mileage into a fat business deduction
The sad truth is, for most people, the cost of driving from home to work is not tax deductible. Which means they can’t write off the cost of gas, depreciation, and more. But don’t get road rage! If you know how to play the game the right way, the IRS will give you a green light on a technique that can save you a lot of money. Though you may still be stuck in traffic every day, … [Read more...]
The truth about tax preparation software
Here’s a fact every business owner should know: Using tax preparation software for your business can be a dangerous business! Why? Because your odds of getting all your numbers into the right categories listed by your software are slim. Which invites an audit from the friendly IRS. Oh, sure. You can buy some type of audit defense or “representation insurance” to protect … [Read more...]