To get our complete, FREE articlewith all the details… Knock, knock. Who’s there? The IRS tax auditor. The IRS tax auditor who? The IRS tax auditor who’s going to make your life a living hell because you don’t have proof of your cost allocation to land and depreciable buildings. Actually, this is no joke. If you own rental property, you’d better come up … [Read more...]
Do You Owe the Nanny Tax?
To get my complete, FREE articlewith all the details… Hang on a second! If you think the “nanny tax” doesn’t apply to you, because you don’t have a nanny taking care of your kids, keep reading. You see, you’re responsible for paying the nanny tax if you have a household employee such as a: NannyBabysitterLive-in housekeeperPrivate nurseDriver… and so on A … [Read more...]
Big Government Help for the Self-Employed
To get our complete, FREE articlewith all the details… If you’re self-employed, you should know this important fact… Legislators have not forgotten you during this difficult period. In fact, Congress has taken unprecedented steps to help the self-employed who are cash-strapped during the COVID-19 pandemic. What big cash benefits might you be entitled to? Do you … [Read more...]
Helicopter View of Meals and Entertainment (2021-2022)
“What can you deduct: 0, 50%, or 100%? To get our complete, FREE articlewith all the details… COVID-19 is going away, perhaps by early summer. It’s time to start thinking business meals and partying with your employees. The chart in this article gives you a helicopter view of the latest business meal and entertainment rules. CLICK HERE to see the chart. … [Read more...]
IRS Defines Real Property for Section 1031 Like-Kind Exchanges
To get our complete, FREE articlewith all the details… To paraphrase the Bible… “The IRS giveth and the IRS taketh away.” What the Tax Cuts and Jobs Act (TCJA) took away was Section 1031 tax-free like-kind exchanges for personal property. What was given, was a change in the law that limits (so-called) exchanges to real property only. So what does Section 1031 … [Read more...]