When it comes to business entertainment, here’s what the IRS has to say… “Eat, drink, and be merry, for tomorrow you pay taxes.” The good news is that you can pay a lot less tax down the road if you understand the IRS’s complex business-entertainment rules and regulations. How well do you know them? You’ll find out when you take my short business-entertainment IQ … [Read more...]
The dangers of a “Self-Directed” IRA
Are you thinking of investing in a “self-directed” IRA? If you are, here are two words of advice… “Watch out!” You see, unlike a regular vanilla IRA, a self-directed IRA allows you to invest in all kinds of nontraditional assets like apartments, duplexes, equipment leasing, first and second mortgages, limited partnerships, commercial paper, and more. The result? It’s … [Read more...]
How to avoid a full-scale IRS audit
In this issue, I’m going to tell you how to incur IRS penalties of up to 47.5% and face a full-scale IRS audit. What’s that? You don’t want to pay massive penalties and undergo a full-scale IRS audit? Then be sure to file your tax return on time! If you’re even thinking about filing late or not filing at all, I urge you to spare yourself some terrible pain and read my new … [Read more...]
Does getting married make sense?
You’ve found the love of your life and you’re ready to tie the knot. As a friend, I’m delighted for you. But as an accountant it’s my duty to warn you that getting married has serious tax implications. Want to learn how federal income taxes, estate taxes, and gift taxes will impact your new married status? Before you get hitched, don’t miss my new article titled Tax … [Read more...]
Don’t miss taking vacation-home “repair days”
A vacation home should be a place where you can relax carefree. But before you hit the hammock, you should know a little tax law… The tax treatment of your vacation home depends on two things: The number of days you rent it out at fair market value The number of personal-use days One way to get a nice tax break is to take advantage of “repair days.” You see, repair … [Read more...]