If you’re running a second business and making a genuine effort to be profitable, the IRS is pulling for you. (They want you to pay taxes.) But if your second business was really created for the purpose of deducting personal expenses, you could be walking into a dangerous trap… the hobby-activity trap. You see, the IRS will define your pseudo-business as a hobby and attack … [Read more...]
How to liquidate your S corporation the right way
It’s a fact… If you liquidate your S corporation the right way, you can use any losses as tax deductions on your personal tax return — and keep the assets personally! But you have to know how to play the game. You see, lawmakers and the IRS have made things tricky. (No surprise!) Which is why it’s so important to make sure that both corporate and personal gains and losses are … [Read more...]
Don’t let the IRS poach your business hunting-trip deductions
Do you enjoy hunting? If you do, my new article is for you. You see, in Part 5 of my series on entertainment-facility tax law, you’ll find out how the IRS and lawmakers are taking potshots at your hunting activities. Want to learn how to keep these valuable entertainment-facility deductions? We’ll explain winning strategies you can use now when you read my new article … [Read more...]
How to turn charitable donations into business deductions
You can do it! If you know the tax law (and we do!), you can… Donate money to your favorite charity Avoid the charitable deduction category And make the money you give tax-deductible as a tax-favored business expense! The techniques I’m talking about aren’t new but many people don’t know about them. That’s where we come in. We’ll show you how to do good and do well … [Read more...]
If you gamble, don’t bet the IRS is your friend!
Do you enjoy recreational gambling? Uncle Sam doesn’t mind if you do, but he sure wants in on the action! As many gamblers have discovered the hard way, they owe taxes even though they have zero net gambling income. That’s right. Even if you break even after a night at the casino, you can still wind up with a hefty tax bill! How should you play your cards if you’re off … [Read more...]