Are you paranoid that your home-office deduction will invite an IRS audit? Well, you are not alone. Countless taxpayers fail to take advantage of a big deduction that they’re entitled to because they’re afraid of Uncle Sam. The fact of the matter is… We don’t consider the home-office deduction to be an audit flag. To get the whole story about a proven step you can … [Read more...]
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Free checklist: 10 proven tax-reduction strategies for sole proprietors
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...]
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...]
No business Income. No Home-Office Deduction. Wrong!
If you had no taxable income in 2018, you might think you can’t claim the home-office deduction. That would be a big mistake. Why? Because even if you didn’t earn a nickel of taxable income, your home office can produce three significant tax benefits for you. We’ll tell you what they are and how to take advantage of these totally-legal tax breaks when you read my new … [Read more...]
When the 2nd Office in Your Home Is Your Principal Place of Business
A home-office deduction can be extremely valuable, but many taxpayers worry that the deduction will initiate an IRS audit. That’s a pity. You see, if you handle things correctly, you’re entitled to the deduction and should take full advantage of it and put your worries aside. In fact, new rules on the home-office deduction let you create a “principal office” right in your … [Read more...]