Got a beef with the IRS? Want to fight the penalty they assessed? Then you need to rely on “authority” to come out a winner. I explained this in an article last month titled “Arguing with the IRS: You Need Tax Authority (Part 1)". In this issue I’ll explain the role of the courts when you take on Uncle Sam, and how they can help you beat the IRS. If you feel you’ve … [Read more...]
Tax Policy
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Marijuana taxation (if your business is going to pot)
The legal marijuana industry is booming and there’s lots of money to be made. But if you are thinking about selling marijuana, you need to be aware of the complex federal income-tax issues you’ll face. That’s where the Tax Reduction Letter comes in. We’ll explain proven strategies that can reduce your tax bill and keep your profits from going up in smoke. Practical, … [Read more...]
Don’t let passive losses destroy your tax-favored capital gains
Do you own rental properties? If you do, I hope they’re producing a nice cash flow for you. But sadly, that doesn’t always happen. Sometimes your rentals produce losses which the IRS classifies as “passive losses” for tax purposes. This is not necessarily terrible because you can deduct those losses against passive income you’ve earned. The rental property losses that … [Read more...]
Warning! The IRS is using private debt collectors
If you owe back taxes and you have not heard from the IRS in a while, that could change. Under a new law, the IRS must turn over certain delinquent tax debts to private collection agencies. And you know that those agencies know how to turn up the heat! Want to learn how to avoid dealing with a collection agency and protect all your rights? Don’t miss my new article … [Read more...]
Pay your taxes or lose your passport!
Planning a trip abroad? Well, before you start packing, make sure you don’t owe more than $50,000 in unpaid federal taxes. You see, if you have what the IRS calls “seriously delinquent tax debt,” Uncle Sam can and will revoke your passport. Ouch! Want to learn how to avoid problems and have a bon voyage? Read my new article titled Tax Tips: Unpaid Taxes? Goodbye … [Read more...]