It’s a sad fact … Many taxpayers don’t realize that depreciation is a very valuable and often misused (or mistakenly computed) tax deduction. If you failed to use depreciation rules the right way, you could be losing thousands of dollars that should be in your pocket. What can you do to fix depreciation errors you might have made in the past? Plenty. If you want to … [Read more...]
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Two-car deduction strategies and the IRS/courts
In my article, “Find new tax deductions with two-car tax strategies,” I explained a winning way to keep more money in your pocket. In my new article, you’ll learn how the IRS and the courts view your use of multiple vehicles for business purposes. And the news is good! Want to find out how to keep Uncle Sam on your side when you use two-cars or more? Read my new article … [Read more...]
Should you accept Bitcoin as payment?
There’s a lot of talk these days about Bitcoin. Which is not surprising. You see, more and more businesses are using this virtual currency as a store of value and a medium of exchange. Should you start letting people pay you with Bitcoin instead of greenbacks? Well, it’s certainly worth considering. But before you make a move, you should get all the facts. That’s why … [Read more...]
How to survive an employee classification audit
Hiring independent contractors instead of W-2 employees can save you a lot of money. How? By letting you avoid paying Social Security and Medicare taxes, state unemployment compensation insurance, workers’ compensation insurance, and more. But be careful! If the IRS conducts an employee classification audit and finds that your independent contractors are really … [Read more...]
Settle your tax debt for less than you owe!
Do you owe Uncle Sam taxes for 2016, prior years, or a combination of both? Well, under some conditions the IRS may let you settle your debts for less than you owe. Nice! This is made possible thanks to the IRS’s “offer in compromise” program. Want to learn more about how to get Uncle Sam to show you some mercy? Easy! Read my new article titled Tax Tips: Yes, You Can … [Read more...]