You get the mail. You go through it quickly. And then you come to an envelope from the IRS. As your heart rate increases, you open the letter. Then the nightmare begins. The letter says that you’re going to be the subject of an IRS audit. IMPORTANT: When you go in for your audit remember these three things: Go to the bathroom before you go in to meet your … [Read more...]
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Case Study: Trade-In on a New SUV—Reimbursement by Corporation
Meet Joyce. She just decided to trade in her three-year-old vehicle for a shiny new SUV. Sounds like a straightforward transaction, doesn’t it? … but it isn’t! You see, Joyce operates her business as an S corporation and wants the corporation to reimburse her for depreciation and even bonus depreciation. That’s when things get tricky. You see, the Tax Cuts and … [Read more...]
2019 Last-Minute Section 199A Strategies That Reduce Taxes, Too
Is your taxable income above $160,700, or above $321,400 on a joint return? Well, first of all, congratulations! But before you break out the champagne, remember this important fact: If you don’t handle your Section 199A planning correctly, your 199A deduction amount could be Zero. Nada. Zilch. Why could this happen? Because your type of business, wages paid, and … [Read more...]
2019 Last-Minute Year-End Tax Deductions for Existing Vehicles
December 31 is approaching fast. Why are we calling attention to this date? Because it’s the last day you can take advantage of some valuable tax deductions you might have overlooked. That’s right. If you know the IRS rules (and we do!), your currently-owned business cars, SUVs, trucks, and vans, (and even your personal vehicles!), can be the source of significant … [Read more...]
2019 Last-Minute Vehicle Purchases to Save on Taxes
I’m an accountant, not a car salesman, but I want to make this high-pressure sales pitch right now… “My friends, if you need a replacement business car, SUV, van, or pickup truck, now is the time to buy!” Why? Because if you act promptly, you can take advantage of some extremely valuable deductions. But don’t forget … you have to own the vehicle and place it in service … [Read more...]