It’s a fact… You don’t need a receipt for an entertainment expense that’s under $75. But don’t think the IRS is asleep at the switch. They know that a lot of folks deduct many under-$75 meals, etc., that aren’t legit. What’s more, they can smell fishy entertainment deductions a mile away and, in an audit, make your life miserable if you’re not careful. Want to learn … [Read more...]
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Important tax facts if you gamble
If you’re a professional gambler, Uncle Sam will cut you some slack. But if you’re just a casual gambler, you better not bet on the IRS to make things easy for you. In fact, if you play your cards the wrong way, you could wind up an odds-on loser. My advice? Before you head over to your favorite casino, take a moment and read my new article titled Tax Tips: Q&A: Find … [Read more...]
The gambler’s guide to beating the IRS
What do you like to bet on? Poker? Craps? Roulette? Whatever your game, Uncle Sam is waiting to take his cut when you win big. That’s right. Your gambling income is taxable and reportable, and by law, casinos must report substantial winnings to the IRS. Odds are you want to protect your winnings, which is why my advice is a sure thing. Don’t wait. Read my new article … [Read more...]
Watch out if you keep bad tax records!
This is the story of Nathan E. Lang. And it doesn’t have a happy ending. When it came time to file his taxes, Mr. Lang claimed $16,327 as employee expenses and $17,875 in proprietor expenses on Schedule C. The IRS audited him and didn’t allow him to deduct a single penny. In all, Mr. Lang lost a total of $33,226 in tax deductions and after taking his case to court and … [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...]