In this issue, I’m going to tell you how to incur IRS penalties of up to 47.5% and face a full-scale IRS audit. What’s that? You don’t want to pay massive penalties and undergo a full-scale IRS audit? Then be sure to file your tax return on time! If you’re even thinking about filing late or not filing at all, I urge you to spare yourself some terrible pain and read my new … [Read more...]
Does getting married make sense?
You’ve found the love of your life and you’re ready to tie the knot. As a friend, I’m delighted for you. But as an accountant it’s my duty to warn you that getting married has serious tax implications. Want to learn how federal income taxes, estate taxes, and gift taxes will impact your new married status? Before you get hitched, don’t miss my new article titled Tax … [Read more...]
Don’t miss taking vacation-home “repair days”
A vacation home should be a place where you can relax carefree. But before you hit the hammock, you should know a little tax law… The tax treatment of your vacation home depends on two things: The number of days you rent it out at fair market value The number of personal-use days One way to get a nice tax break is to take advantage of “repair days.” You see, repair … [Read more...]
Should you stand up and cheer for the Personal Seat License?
Have you ever thought about buying season tickets to the games of your favorite football, basketball, baseball, hockey, soccer, or other team? If you want to do so, you’ll have to buy a Personal Seat License (PSL). (It’s the license that grants you the right to buy the season tickets.) If you’re thinking about using the sports tickets for business entertainment purposes … [Read more...]
Inheriting an IRA? Here’s how to slash your tax bill
Ben Franklin once said "Nothing is sure but death and taxes.” Ben was certainly right about death, but he was (understandably) unaware of some recent, money-saving changes in the tax law. You see, if your spouse dies, and you inherit his or her IRA, you can now get some welcome relief from heavy taxes. Want to find out how to handle an inherited IRA the smart way? Don’t … [Read more...]