The IRS is constantly looking for ways to nail tax-cheats and they’ve come up with a doozy. I’m talking about the 1099-K. This is the form that banks and others send to the IRS telling the IRS how much they remitted to you for your credit card, debit card, and similar transactions. The 1099-K reports the gross amount of transactions including credit-card sales, sales tax, … [Read more...]
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How to maximize vehicle-mileage deductions (Part 1)
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...]
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...]