Month: February 2014
25 Ways to Receive Tax-Free Income
The income that the tax law exempts is the best type to receive. This income becomes more valuable as your tax bracket increases. The following is a list of [...]
Tax Deduction Audit Risk
When is an itemized deduction high enough to catch the attention of IRS auditors? The tables below give you an idea.
Many things can make a tax return look [...]
Be Prepared: Automobile Expenses are a Common Red Audit Flag
Almost all business owners use their personal vehicle for business purposes. And there’s nothing wrong with that, as long as they keep proper records.
If [...]
Shhh, Home Office And Other IRS Audit Trigger Secrets
People have worried for decades that home office deductions flag their returns for audit. Yet more than half of working Americans work for a small business or [...]
When Your Business Expenses Are Really Personal
If an employee is sued on the job, the employer will be too. Say a delivery driver has an accident on his route. The company and the driver will be sued.
But [...]
Trader or investor?
In two decisions in 2013, Endicott, T.C. Memo. 2013-199, and Nelson, T.C. Memo. 2013-259, the Tax Court maintained a high hurdle that taxpayers must clear to [...]
IRS Releases the “Dirty Dozen” Tax Scams for 2014; Identity Theft, Phone Scams Lead List
WASHINGTON — The Internal Revenue Service today issued its annual “Dirty Dozen” list of tax scams, reminding taxpayers to use caution during tax season [...]