Whether you’re running a corporation, proprietorship, or partnership, you want to claim the maximum mileage deductions possible. But be careful. You see, it’s extremely important to deduct only legitimate miles. If the IRS finds mileage-deduction violations, you’ll look like a tax cheat and potentially open the door to a detailed audit. No fun. So how do you deduct all … [Read more...]
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How a little knowledge can save you in an audit
Most tax advisors serve their clients well. But that doesn’t mean that you should be ignorant of the tax law and passively accept all your tax professional’s advice uncritically. Hey. It’s your money and you need to be aware of what’s going on… especially if you’re called into an IRS audit. That’s what Mrs. and Mr. Smith found out the hard way. Read the full article. You … [Read more...]
Four “safe harbor” steps to take now!
Don’t wait! Now is the time to put your 2018 safe harbor de minimis expensing election in place. Why is it so important to act promptly? Because making the safe harbor election in 2017 for 2018 can save you a lot of money and make your life much easier. You see, the safe harbor election eliminates the burden of: Tracking small dollar-cost assets Depreciating and/or … [Read more...]
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...]
Five strategies for surviving an IRS audit
You pick up your mail and there, among the bills and junk mail, is the letter you’ve always hoped would never arrive… a notification from the IRS informing you that you’re being audited. Sure this comes as a shock, but don’t panic. There are tried and true strategies you can use to come out of an audit unscathed. My advice? Before you reach for a bottle of Scotch or Pepto … [Read more...]