All Sole Proprietors! Act now and get your FREE “Sole Proprietor Checklist” Get 10 proven strategiesfor slashing your Schedule C taxes! (No risk. No obligation. No charge.) Dear Sole Proprietor: Careful! You may be overpaying thousands of dollars in taxes! That’s right. Unless you know how to take advantage of the U.S. tax code, you may be paying the IRS a lot of … [Read more...]
Impact of Death, Retirement, and Disability on the 179 Deduction
Let’s hear it for Section 179 of the IRS tax code! It lets your business deduct the full price of qualifying equipment purchased or financed during the tax year! EXAMPLE: Let’s say your proprietorship bought a pickup truck with a gross vehicle weight-rating greater than 6,000 pounds and a bed six feet or longer. Assuming you use the pickup 100-percent for business, you can … [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...]
Received a fraudulent 1099? Get even!
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...]
Know These Tax Rules If Your Average Rental Is Seven Days or Less
Do you own a condominium, cottage, cabin, lake or beach home, ski lodge, or similar property? Do you rent it out for an “average” rental period of seven days or less? If you do, be aware. You have now landed in the “vacation hotel” area of the tax code … which can make things tricky. Of course, the job of the Tax Reduction Letter is to make things un-tricky which is … [Read more...]