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...]
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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...]
Don’t make these vehicle deduction mistakes!
Are you new to business? If so, read my new article before you get in your car and drive off. Why? Because your valuable vehicle deductions can be in jeopardy if you’re not keeping the right kind of records. You see, if you show up at your tax preparer’s office without receipts for your car expenses and/or a detailed mileage log, your vehicle deductions could be … [Read more...]
How tax-preparer penalties can increase your taxes
As a savvy taxpayer, you know that Uncle Sam has his eyes on you. What you may not know is that Uncle Sam is also watching your tax preparer. And closely. That’s right. The tax law makes tax preparers part of the IRS tax compliance workforce and expects them to do their job correctly and help enforce the tax laws. If they don’t, they face a wide range of costly penalties … [Read more...]