Do you keep a mileage log that can stand up to a careful IRS audit? You’d better have one because, as we explained in an article we wrote last month, an accurate, well-documented mileage log can keep you out of big trouble. Want to see how bad things can get if you fail to maintain one? We’ll tell you what happened to poor Therone Johnson, when you read the full … [Read more...]
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TCJA: Don’t Lose Out When Corp. Vehicle Is in Your Personal Name
Do you operate your business as an S or C corporation? Do you drive a vehicle for business purposes that’s registered in your own name? Then watch out! You see, the Tax Cuts and Jobs Act (TCJA) changed the rules for tax years 2018 to 2025. These changes in the tax law deny 1040 employee business-expense deductions when you use a personal vehicle for corporate … [Read more...]
Seven Things to Know Before You Take Out an EIDL
Does your business need working capital due to the terrible impact of the COVID-19 pandemic? If yes, consider taking out a Small Business Administration (SBA) EIDL loan. EIDL stands for the Economic Injury Disaster Loan program and it can provide up to $150,000 to businesses in need. But be aware. Although the EIDL can provide you with much needed capital, it’s a … [Read more...]
What Is the Unpardonable Sin in an IRS Audit?
You get the mail. You go through it quickly. And then you come to an envelope from the IRS. As your heart rate increases, you open the letter. Then the nightmare begins. The letter says that you’re going to be the subject of an IRS audit. IMPORTANT: When you go in for your audit remember these three things: Go to the bathroom before you go in to meet your … [Read more...]
Best Choice: De Minimis or 179 Expensing—or Bonus Depreciation?
Hey taxpayer… COME ON DOWN!!! Today we’re going to play the exciting Tax Cuts and Jobs Act (TCJA) game! If you choose the right door, you could win the grand prize of a huge tax break! Ready to play? Okay. Let’s go! Behind door #1 is bonus depreciation. It’s a great way for you to deduct 100% of certain business assets. This can get pretty complicated so before … [Read more...]