You probably know that you can deduct business lodging travel costs. What you might not know is that you can turn that deduction into tax-free income for your mom and dad. (Or for other relatives or friends for that matter.) How? By paying them rent for your business stays. And that’s not all. You can deduct the business part of the “rent” you pay. Nice, huh? If you’re … [Read more...]
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Should you use the new IRS mileage rate?
The IRS recently increased the mileage rate to 55.5 cents per mile. Sounds like good news… but is it really? The fact is, the IRS mileage rate can often produce misleading results. Or lead you to think that you don’t really need to keep a mileage log. (You do!) If you want to learn how to make sure that you’re choosing the best after-tax cash result for your business … [Read more...]
How to audit-proof your self-employed tax records
If you are audited by the IRS, will your deductions stand up to close scrutiny? If you take your case to court, will you come out a winner or wind up owing even more money? You’ll find answers to these important questions in our must-read new article titled Tax Audit Tips for Travel, Entertainment, and Education. Don’t miss it! Three ways our fact-filled article can help … [Read more...]
Surviving a tax audit for entertainment & vehicle deductions
There are two frightening words no one ever wants to hear… “IRS Audit.” Yet, you may be among the countless thousands of men and women whose entertainment and/or vehicle deductions will be closely audited by the IRS. Will you sail through the audit process without a problem, or will you owe thousands of dollars and face possible penalties? You’ll find answers to these … [Read more...]