It’s a sad fact. Because of the COVID-19 pandemic, many tenants simply can’t pay their rent. That’s why the government declared an unprecedented, nationwide moratorium on evictions for non-payment of rent. But tenants aren’t the only ones to suffer… Landlords have financial responsibilities too! If they can’t collect the rent that’s owed them, they are also up … [Read more...]
The Latest Payroll Tax Deferral: An Offer You Should Refuse?
“Never put off until tomorrow what you can do today” Well, now there is something you can put off until tomorrow. I’m talking about… from September 1, 2020 through December 31, 2020, not withholding the employee share of Social Security taxes from the employees and, of course, not paying those monies to the government. This new deferral option was made possible by an … [Read more...]
Avoid Trouble: Don’t Let the IRS Set Your S Corporation Salary
If you set up your S corporation to save money on taxes (and I’ll bet you did), this article is for you. You see, it will explain an extremely important decision you have to make. A decision that can have a huge impact on how much taxes you will have to pay. I’m talking about how you determinewhat your S corporation salary will be. The fact is, to take advantage of all … [Read more...]
The Insurmountable Sin in an IRS Audit: A Sad and True Story
Do you keep a mileage log that can stand up to a careful IRS audit? You’d better have one because, as we explained in an article we wrote last month, an accurate, well-documented mileage log can keep you out of big trouble. Want to see how bad things can get if you fail to maintain one? We’ll tell you what happened to poor Therone Johnson, when you read the full … [Read more...]
How Many Whole or Partial Rooms Can You Use for Your Home Office?
During the COVID-19 pandemic, there’s a good chance you’ve been working from a space inside your home, some of the time or all of the time. This means that you may be eligible for a valuable home-office deduction! In order to help you qualify for the deduction, in this issue of the Tax Reduction Letter, we’ll provide answers to three important questions you need to ask … [Read more...]