“How Failed Mileage Logs KillMileage Deductions” To get my complete, FREE articlewith all the details… Here are four words that can save you a whole lot of grief. Keep a mileage log. Here’s why: If you fail to keep an up-to-date, accurate mileage log, it can cost you time and money during an IRS examination... and then can result in your getting zero vehicle … [Read more...]
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NFTs and Taxes: New Rules and What You Need To Know Now
“NFTs and Taxes: New Rules and WhatYou Need to Know Now” To get my complete, FREE articlewith all the details… In this issue of the Tax Reduction Letter, I’ll be talking about NFTs - “non-fungible-tokens.” So let’s start with a definition. What is an NFT? NFTs represent ownership of virtual or physical assets which can be bought or sold on online … [Read more...]
Are You a Regular Investor or a Tax-Favored Securities Trader?
“Are You a Regular Investor ora Tax-Favored Securities Trader?” To get my complete, FREE articlewith all the details... __________________________________________________ DEFINITION: Mark to market For tax purposes, mark to market meansresetting the value of say a stock or other asset toits market price on December 31 (or fiscal yearend date if … [Read more...]
Act Now: Claim Your 2020/2021 Employee Retention Credit (ERC)
Did you claim your COVID-19-inspired Employee Retention Credit (ERC) in 2020/2021? If you missed the boat, it’s not too late to come out a winner! “Act Now: Claim Your 2020/2021Employee Retention Credit (ERC)” To get my complete articlewith all the details... If you claimed your ERC in 2020 or 2021, it’s probable that you saved a lot of money. Good job! If … [Read more...]
Increase Your Tax Deductions Using the Business-Mileage Rule
“Increase Your Tax DeductionsUsing the Business-Mileage Rules” To get my complete articlewith all the details... Always pay attention to the rules of the road. And always pay attention to the IRS’s mileage rules of the road if you want to save on taxes. What is a mile? A distance of 5,280 feet? Well, the IRS isn’t content to answer the question simply. … [Read more...]