By month: June 2009
This article empathically answers the “show me where it says that you can use three cars for business” question.
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.
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.
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.
Make sure you know all of the ramifications of a premature IRA withdrawal before you make the withdrawal for medical expenses.
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 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.
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.
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.
Treasury Secretary Timothy Geithner told the Senate Finance Committee that more 1099 reporting and IRS audits provide the solution to the tax gap.