By month:August 2009
The woman in this audit learned how knowledge can turn what appears as a nightmare (an IRS audit) into a positive happening—meaning cash refunds for the year of the audit and subsequent years. As the old sayings goes, “knowledge is power.”
You can be a dealer with respect to some properties and an investor with respect to others. You can also subdivide lots and obtain tax-favored capital gain treatment, but you need the right numbers and a good plan.
Learn how to calculate the tax deduction when you sell your business car at a loss—the most likely result.
When you know what you are doing, you can qualify trips to the Bahamas and similar destinations as tax-deductible trips.
Being in business for yourself produces huge tax-deduction advantages for golfers and golf spectators. Golf advantages are more than double those of football, baseball, and basketball.
You can use a Section 127 education plan to obtain tax benefits for yourself (or your corporation) while you help your grandchild through college or other learning.
The proper tax deduction treatment for decorating a business office with a baseball card and memorabilia collection comes from the courts in their decisions on depreciating antiques.