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By month:June 2009

Federal Tax Deductions for Three Business Cars

This article empathically answers the “show me where it says that you can use three cars for business” question.

New IRS Safe-Harbor Tax Relief for Ponzi Scheme Losses

If you are the victim of a Ponzi scheme, you absolutely, positively must read this article to learn how the law gives you favored victim status. This includes a safe harbor election, possible carryback of the losses to one of five years, net operating loss treatment, and more.

Deducting Travel to a Second Business in a Second State

If you operate one business with two operations in separate states, you need to know the rules to tax deduct overnight business travel between the two locations. You also need to know these tax deduction rules if you have two businesses in two states.

Deducting the Security System

You may claim a tax deduction for the business portion of your home security system regardless of your qualification for the office in the home deduction.

Tax Penalty for Early Withdrawal of IRA Money Is Reduced for Medical Expenses

Make sure you know all of the ramifications of a premature IRA withdrawal before you make the withdrawal for medical expenses.

How to Dissolve a Corporation

If your corporation is not going to pass the “it earns the income” test, then it’s time to take the steps to dissolve this useless corporation. The secretary of state for the state of incorporation has guideposts for you to follow.

Federal Income Tax Rates to Increase?

Federal Reserve Board Chair Ben Bernanke told a House Budget Committee to address the government’s long-term fiscal shortfall with higher tax rates that do not impede economic growth.

Court Rules Trusts Are Shams

The court made it clear that every taxpayer may properly use the tax law to reduce his or her tax burden, but the use of paper entities that fail the economic reality test does not work.

Prior Year’s Tax Return Not Filed

If you are looking for tax deduction trouble from the IRS, do this: Don’t file your tax return or at the very least, file it well after the filing deadline.

More 1099s, Audits, and Enforcement

Treasury Secretary Timothy Geithner told the Senate Finance Committee that more 1099 reporting and IRS audits provide the solution to the tax gap.


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