Do you have employees who travel on business for your company? Then you know that complicated recordkeeping is a royal pain in the neck for you and your employees. What’s more, handling things the wrong way puts you at risk for an audit disallowance. Well, there’s a solution to these problems. Consider using the IRS travel per diem method. Want to learn how the per … [Read more...]
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Personal Use of Your Rental Triggers Ugly Vacation-Home Rules
Sole use dwellings: If you own a vacation home that only you use, your tax situation is pretty straightforward. Rental dwellings: If you rent a dwelling to a tenant who lives there exclusively, you’re also in good shape. Dual use: When you use the dwelling for both personal and rental use, you create the possibility of tax-free rent, rental property deductions, and extra … [Read more...]
How to Deduct Cruise Ship Conventions, Seminars, and Meetings
Sure. You can attend a convention, seminar, or meeting at a hotel somewhere. But wouldn’t it be a lot more fun for these events to take place on a cruise ship or at an exotic location? Well, you can, you know, but you really have to understand the IRS rules which can be tricky. Luckily, we know them all and we’ll show you how to come out a winner when you read my new … [Read more...]
The IRS Audit Is Wrong on First and Last Stop Rule
Despite what you may think, IRS examiners are only human. This means they can (and often do!) make mistakes. In this issue of the Tax Reduction Letter we’ll take a look at a case where the IRS examiner mistakenly applied the “first and last stop” business-commuting rule. Yes. The IRS blew it, but the taxpayer’s CPA saved the day by tapping into the Bradford Tax … [Read more...]
Can the IRS Require Odometer Readings with the Mileage Rate?
When it comes to calculating a deduction for the business miles you drive, Uncle Sam gives you two choices. You can use… 1. The IRS standard mileage method or 2. The actual vehicle expense method In this issue of the Tax Reduction Letter we’ll explain everything you need to know if you’re using the IRS mileage method. Don’t miss this important information. We … [Read more...]