Are you getting the most out of your business-vehicle deductions? If you’re using the IRS standard “mileage-rate” method, have you ever wondered what you need to do to switch to the actual expense method? I’ll show how to make that switch the right way when you read my new article titled Tax Tips: You Can Switch from the IRS Mileage Rate to the Actual-Expense Method. Three … [Read more...]
How to maximize your travel-expense deductions
It’s a pity that so many business owners don’t deduct all the travel expenses that the IRS allows. And it’s not surprising that they’re missing these hefty deductions. You see, the tax code is filled with so many rules and regulations it’s hard to know exactly which deductions you’re entitled to. That’s where my new article comes in. It lists practical and completely legal … [Read more...]
Good news about your Section 105 plan!
The Tax Court works in mysterious ways. And sometimes (though not often enough) it works in your favor. That’s what happened recently when the 10th Circuit Court of Appeals reversed the Tax Court’s “Shellito decision” which we discussed in a prior article. The reversal meant that Milo and Sharlyn Shellito were able to reap $20,208 in Section 105 plan deductions! And the … [Read more...]
Important news for real estate investors!
If you invest in real estate, ask yourself this vitally important question… “Am I a real estate ‘investor’ or a ‘dealer?’” How you answer this question can have huge tax consequences. For example, in a recent case, Mr. Donald Flood filed his tax return expecting to pay $240,000 in federal taxes at the 15% capital gains rate that applies to real estate investors. But the Tax … [Read more...]
How to “IRS-proof” your mileage log
Surprise! You’re going through your mail and there it is. The letter you never wanted to get… An audit notice from the IRS. It seems that Uncle Sam wants to take a close look at your vehicle mileage log. What’s that? All you’ve done is jotted down an estimate of your business vehicle usage? That’s too bad. You see, the IRS wants a LOT more than estimates, and if you … [Read more...]