If your second business or third business is losing money, you know what pain is. But don’t add to your troubles by losing the chance to claim an immediate tax deduction. And that’s easy to do if you don’t show the IRS that you are “materially participating” in all your businesses. We’ll tell you how to get all the deductions coming to you, and make the best of a bad … [Read more...]
Will Tax Law Destroy Your Business Vehicle Donation to Charity?
You want to do a nice thing and donate your business vehicle to charity. You also want to get a hefty tax deduction for making the donation. Well, be careful! The laws that govern such transactions are tough and you’d better do some calculations before you hand over the keys. We’ll tell you how to avoid trouble before it starts when you read my new article titled Tax … [Read more...]
Three Ways to Defeat Audit Penalties and Save Thousands
If you’re running a small business, the IRS sees you as a target. Which means they’ll pounce whenever they get the chance. For example, in an audit they’ll try to impose stiff “accuracy related” penalties on top of any unpaid taxes they turn up. But these penalties are not automatic and you can defend yourself against them if you know the law’s provisions. We’ll show you … [Read more...]
Tax Court Puts Personal Service Corporations on Notice for Bonuses
If you’re running a personal service corporation, be aware that a recent tax court ruling can mean bad news for you. You see, the IRS knows that if you’re operating a personal service corporation, you’re probably trying to increase your W-2 income in order to zero out corporate income — income that’s subject to the flat 35% tax rate. That’s why the tax court recently ruled … [Read more...]
Two Paths to Deducting Certain Business Education Expenses
Business-related classes or seminars can provide you with a lot of useful information, but often at considerable cost. That’s why learning how to deduct these costs is so important. The first thing you need to know is that are two paths that lead to hefty deductions. Which path should you take? You’ll find out when you read my new article Tax Tips: Two Paths to … [Read more...]