When it comes to the tax law, a lot of people don’t understand what the “statute of limitations” really means. They think it governs the length of time they have to hang on to their tax records. Wrong. The “statute of limitations” refers to the window of time when you and the IRS can make changes to your tax returns. The statute of limitations sets the time periods during … [Read more...]
Winning strategies for surviving Obamacare
As you probably know, the Affordable Care Act (Obamacare) inflicted a host of new penalties and restrictions. What you might not know is that the old health care laws are still on the books. This means that to come out a winner, you have to know how to play the complicated health-care game the right way. Which is why I’ve written my new article. It will help you choose the … [Read more...]
How to avoid the IRS’s “hobby-activity” trap
If you’re running a second business and making a genuine effort to be profitable, the IRS is pulling for you. (They want you to pay taxes.) But if your second business was really created for the purpose of deducting personal expenses, you could be walking into a dangerous trap… the hobby-activity trap. You see, the IRS will define your pseudo-business as a hobby and attack … [Read more...]
How to liquidate your S corporation the right way
It’s a fact… If you liquidate your S corporation the right way, you can use any losses as tax deductions on your personal tax return — and keep the assets personally! But you have to know how to play the game. You see, lawmakers and the IRS have made things tricky. (No surprise!) Which is why it’s so important to make sure that both corporate and personal gains and losses are … [Read more...]
Don’t let the IRS poach your business hunting-trip deductions
Do you enjoy hunting? If you do, my new article is for you. You see, in Part 5 of my series on entertainment-facility tax law, you’ll find out how the IRS and lawmakers are taking potshots at your hunting activities. Want to learn how to keep these valuable entertainment-facility deductions? We’ll explain winning strategies you can use now when you read my new article … [Read more...]