As a savvy taxpayer, you know that Uncle Sam has his eyes on you. What you may not know is that Uncle Sam is also watching your tax preparer. And closely. That’s right. The tax law makes tax preparers part of the IRS tax compliance workforce and expects them to do their job correctly and help enforce the tax laws. If they don’t, they face a wide range of costly penalties … [Read more...]
Create a tax-free deduction for your smart phone
Here’s good news (for a change!) from the IRS… If you and/or your employees use smart phones, you can create some nice no-hassle, tax-free fringe benefits. Want to find out how you can take advantage of Uncle Sam’s largesse? Then put down your iPhone or Android phone and read my new article titled Tax Tips: Create Tax-Free Fringe Benefit Deductions for Your … [Read more...]
Don’t choose the wrong mileage deduction!
There are two ways to deduct the business use of your car, truck, or SUV. If you qualify, you can use IRS mileage rates or You can use the “actual expense” method Which one is right for you? You’ll get the right answer when you use the free calculator tool we’ve included in our new article titled Tax Tips: Are You Cheating Yourself by Using IRS Mileage … [Read more...]
Concerned about renting your house to your corporation?
I always enjoy hearing from subscribers to my Tax Reduction Letter. I particularly appreciate it when readers challenge the advice I provide. Why? Because I’m always prepared to back up my money-saving strategies with IRS tax-code citations, tax-court decisions, and more. My readers deserve to get advice they can rely on and that’s exactly what I provide month in, month … [Read more...]
Use a 529 Plan or a Roth IRA to pay for college
If you’re going to be paying for your son or daughter’s college education, prepare for a shock. The price of a degree these days is sky high and the sooner you start saving, the better. What’s the best way to prepare for the day you have to write that first big check? You’ll find out when you read my new article titled Tax Tips: Child’s College: Use a 529 Plan or Tap … [Read more...]