Do you sponsor a sports team, or have you thought about sponsoring one? This kind of sponsorship can be great PR for your company and position you as a community-minded citizen. But what are the tax implications of becoming a team sponsor? What are the relevant questions you’ll need to ask yourself? For example, can you deduct your sponsorship of a sports team, even one … [Read more...]
Avoid Penalties When Uncertain About a New TCJA Rule
What has the Tax Cuts and Jobs Act (TCJA) produced? Thousands of pages of complex rules. What the TCJA has not provided is clear guidance that definitively shows you whether or not you qualify for many valuable deductions. This puts you in a pickle. You may believe you’re entitled to a given deduction but worry that if you claim it on your tax return, the IRS might … [Read more...]
Get Bonus Depreciation on Purchase of Leased Vehicle
Sure, The Tax Cuts and Jobs Act (TCJA) has hurt small business owners in several ways. But the TCJA has also provided some significant tax savings, one of which we want to highlight now. The good news is that tax reform has added two new provisions that now allow you to claim bonus depreciation on the purchase of a vehicle you’re leasing. Want to learn how to take … [Read more...]
Fraud by Tax Preparers Creates Huge Problems For Clients
Is your tax preparer honest? I sure hope so. Because if they’re caught preparing fraudulent income tax returns on your behalf, you could face some serious problems even if you’re completely innocent! Want to find out how to stay on the right side of the law and avoid an IRS audit caused by your tax preparer? Read my new article titled Tax Tips: Fraud by Tax Preparer … [Read more...]
Taxpayer Avoided 15 Hours of Paperwork; Lost $35,000 to the IRS
Most taxpayers find that keeping accurate records is a pain in the neck. But failing to keep these records can cost you a tremendous amount of money. That could be true even when it comes to tracking what you’ve spent over the years on home improvements. We’ve run the numbers on the Pendergrafts and discovered that they avoided just fifteen hours of paperwork that cost … [Read more...]