All Sole Proprietors! Act now and get your FREE “Sole Proprietor Checklist” Get 10 proven strategiesfor slashing your Schedule C taxes! (No risk. No obligation. No charge.) Dear Sole Proprietor: Careful! You may be overpaying thousands of dollars in taxes! That’s right. Unless you know how to take advantage of the U.S. tax code, you may be paying the IRS a lot … [Read more...]
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The IRS Audit Is Wrong on First and Last Stop Rule
Despite what you may think, IRS examiners are only human. This means they can (and often do!) make mistakes. In this issue of the Tax Reduction Letter we’ll take a look at a case where the IRS examiner mistakenly applied the “first and last stop” business-commuting rule. Yes. The IRS blew it, but the taxpayer’s CPA saved the day by tapping into the Bradford Tax … [Read more...]
Can the IRS Require Odometer Readings with the Mileage Rate?
When it comes to calculating a deduction for the business miles you drive, Uncle Sam gives you two choices. You can use… 1. The IRS standard mileage method or 2. The actual vehicle expense method In this issue of the Tax Reduction Letter we’ll explain everything you need to know if you’re using the IRS mileage method. Don’t miss this important information. We … [Read more...]
Get Bonus Depreciation on Purchase of Leased Vehicle
Sure, The Tax Cuts and Jobs Act (TCJA) has hurt small business owners in several ways. But the TCJA has also provided some significant tax savings, one of which we want to highlight now. The good news is that tax reform has added two new provisions that now allow you to claim bonus depreciation on the purchase of a vehicle you’re leasing. Want to learn how to take … [Read more...]
Tax Deduction for Classic/Antique Cars Used in Business
Do you have a classic or antique car that you use for business? If you do, can you deduct it the same way you would deduct any car you use in business? The short answer is “yes,” but you must meet two criteria imposed by the courts: The car must be of a type that’s subject to “wear and tear, decay, decline, or exhaustion”The car must be used in your trade or … [Read more...]