To get my complete, FREE articlewith all the details… Definition: Net Operating Loss You have a net operating loss (NOL) when yourbusiness deductions exceed your business income. As you probably know, many horror movies include a scene in which the scary monster/evil person is finally killed. But then, just when the good guys all take a sigh of relief, the … [Read more...]
How to fix tax-return mistakes before the IRS finds them
To get my complete, FREE articlewith all the details… Anyone can make a mistake. But mistakes you make on your federal tax return can hurt you big time. You see, if the IRS picks up your errors, you may have to pay stiff penalties, increased interest accruals, and face other painful problems. To get the full story CLICK HERE Good news. The IRS gives you a … [Read more...]
The IRS goofs on the home-office deduction
To get my complete, FREE articlewith all the details… Does the IRS ever make a mistake? Take a guess at the answer! What concerns me in this issue of the Tax Reduction Letter is a specific IRS mistake that can cost you big money. I’m talking about how the IRS made a serious error in its publication that dealt with the home-office gross-income limit. To get the … [Read more...]
Know the tax law to survive an audit
To get my complete, FREE articlewith all the details… Let’s face it. Nobody wants to fight the IRS. But if you’re going through an audit, and you’re convinced that the IRS is treating you unfairly, don’t roll over. Fight! Here’s how to come out a winner. Okay. The IRS is out to get you so you’ve decided to play David to the Government Goliath. The first thing … [Read more...]
How one subscriber saved $55,000 fighting an IRS audit
To get my complete, FREE articlewith all the details… One of our husband-and-wife subscribers to the Tax Reduction Letter had a big tax deduction denied by the IRS. But thanks to the advice they got in one of our issues, they were able to successfully win their appeal and keep their $55,000 deduction! Here’s the back-story. The husband and wife owned three rental … [Read more...]