This is a true story, straight from the IRS. (And if you ever receive a fraudulent 1099, this new article will help you.) The facts of the story… An auto dealer sold a car to a customer. The next day the buyer got a call from the dealer asking him to return to the dealership and change the agreed “no-interest” loan to an interest-bearing loan. The customer obviously said … [Read more...]
Tax Policy
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Free report: “Rental Property & The 199A Deduction”
Download your FREE REPORT right now… “Rental Property & The 199A Deduction” Don’t miss gettingyour Section 199A 20% tax deduction! This special 21-page report normally sells for $79.Now it’s yours FREE with no obligation! Dear Rental Property Owner: Whether you own just one rental property or many, don’t miss this information-packed free report from … [Read more...]
Update on New Court-Approved Way to Defeat IRS Penalties
You and I have something in common. We both hate getting hit with tax penalties. That’s why we should be grateful that the most recent court cases dealing with Section 6751(b) of the tax code have given us a powerful weapon against IRS penalties. Want to learn more about how to put these new rulings to work for you? Read my new article title Tax Tips: Update on New … [Read more...]
Tax reform sticks it to business startups that lose money
There’s a provision in the Tax Cuts and Jobs Act that we believe is terribly unfair to business start-ups and struggling business owners. You see, the rule prevents you from using all your business losses against non-business income if the losses are considered to be too large. (That determination is made by Congress.) If you want to find out how this onerous new law can … [Read more...]
The IRS allows client and prospect business-meal deductions
Here’s good news from the IRS. You read that right. Good news! You see, in Notice 2018-76 the IRS states that client and prospect business meals continue as tax deductions under the Tax Cuts and Jobs Act. As we’ve mentioned in past issues of the Tax Reduction Letter, the Tax Cuts and Jobs Act eliminated entertainment deductions. But thanks to Notice 2018-76, that’s … [Read more...]