Ronnie Craft learned an expensive lesson.
You see, he inadvertently waved a red flag in front of the IRS which resulted in an audit — an audit that cost him every penny of his S corporation business deductions.
Where did Ronnie Craft go wrong and how can you avoid his fate?
You’ll find out when you read my new article titled Tax Tips: Tax Savings Trap Crushes S Corporation Owner’s Expenses!
Three ways our fact-filled article can help you:
- We’ll explain the taxpayer’s big mistake. Craft incurred $17,604 of employee business expenses. But instead of claiming them as miscellaneous itemized deductions, he put them on Schedule C of his Form 1040. This error put him in Uncle Sam’s gun sights. We’ll show you how to stay out of trouble when you read the full article.
- We’ll tell you what’s at risk. (A lot!) If you make Ronnie Craft’s mistake you can suffer in two ways: 1: Tax law takes 2% of your adjusted gross income and subtracts that from your miscellaneous itemized deductions. 2. You’ll lose the entire deduction. You see, the alternative minimum tax (AMT) doesn’t allow any miscellaneous itemized deductions. These deductions, which are allowed for the regular tax, are disallowed for the AMT. All will be explained when you read the full article.
- You’ll learn how to use the right tax strategy! What’s the key to getting maximum benefits? Make sure your corporation reimburses you for employee business expenses. With the expenses listed on the corporate return, the corporation gets the full deductions and you avoid a whole lot of pain. We’ll provide full details when you read the full article.
To keep receiving our emails,
add us to your address book!