Don’t let what happened to Jim and Martha Flake happen to you. Because of bad recordkeeping, they attracted the attention of the IRS. The result? They had to visit with an IRS agent every two weeks for about a year! How can you stay on Uncle Sam’s good side and avoid the two mistakes that got the Flakes in hot water? Easy. Read my new article titled Tax Tips: IRS Asserts … [Read more...]
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How to deduct your golf expenses. (It’s easier than you think!)
Do you hook or slice on the golf course? Don’t worry. No matter how well or poorly you play the game, when it comes to deducting your golf expenses, you can always sink a hole in one! That’s right. Uncle Sam will let you write off your golf expenses if you follow a few simple rules. And these same rules also let you deduct expenses for fishing, scuba diving, hunting, … [Read more...]
How to maximize business-entertainment deductions
Uncle Sam has some good news for you… If you handle things the right way, you can deduct lots of your business entertainment expenses! Do you like to talk business out on the golf course, or hanging out in a duck blind? The IRS will let you claim some hefty deductions no matter how you like to entertain, but you have to know the rules. You’ll learn how to mix business with … [Read more...]
What to do if you lose your tax records
There’s a dangerous myth floating around the Internet. It goes something like this: “If you lose your business records, don’t worry about it. All you have to do is sign an affidavit stating that ‘these are my deductions and I affirm they are correct’ and you’re home free.” If this sounds silly to you, think about how it sounds to the IRS or to a judge! Nope. If you lose … [Read more...]
How long should you keep your tax records?
When it comes to the tax law, a lot of people don’t understand what the “statute of limitations” really means. They think it governs the length of time they have to hang on to their tax records. Wrong. The “statute of limitations” refers to the window of time when you and the IRS can make changes to your tax returns. The statute of limitations sets the time periods during … [Read more...]