“12 Answers to Questions AboutProving Business-Travel Expenses” To get my complete, FREE articlewith all the details… Do you operate your business as a corporation or as a proprietorship? Either way, you need to record your tax-deductible travel expenses in an IRS-approved manner. (Failure to do so means the possible loss of valuable deductions.) That’s why I … [Read more...]
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How Failed Mileage Logs Kill Mileage Deductions
“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...]
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...]