There are a lot of folks out there peddling tax strategies that promise to help you avoid paying federal income taxes. If you are considering adopting one of these strategies, here’s my advice: Turn around Run as fast as you can You see, if you do what the fraudsters suggest, you could wind up paying massive penalties or even face jail time. Want to learn how to … [Read more...]
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Stay single. Double your deductions!
As you probably know, your home mortgage interest deductions can save you a lot of money. What you may not know is that a recent court case and a new IRS rule create the possibility of double deductions for single taxpayers who co-own their homes and vacation properties. Want to learn how singles can hit doubles? Read my new article titled Tax Tips: Do New Rules Allow … [Read more...]
Avoid these four IRS traps!
No one likes to see their business lose money. But a net operating loss can actually produce one of the best tax deductions the IRS has to offer. You see, a net operating loss can generate tax refunds from prior years and a tax shelter for future years. But be careful! The IRS has set four traps that you must avoid if you want your net operating loss to work to your … [Read more...]
3 strategies for avoiding 1099 headaches
Do you use the services of independent contractors? If the answer is “yes,” there are changes in the tax law you need to know about. Now. You see, the IRS has moved up the deadlines for filing W-2s and certain 1099s. And compliance with other new tax rules is more difficult than ever. But don’t worry. We can help by providing you with three winning strategies that can … [Read more...]
A little-known way to cut your tax bill
If you pay foreign taxes on income generated abroad, you’re probably eligible for a nice U.S. tax deduction or credit. Don’t stop reading because you think you don’t have a foreign account or direct foreign investment. If you’ve got money in U.S. stocks or mutual funds that invest overseas, you likely are paying foreign taxes. You’re just not aware of it. And the good … [Read more...]