How to Protect Your Gambling Winnings from the IRS
Your gambling income is taxable. And—just as important—it’s reportable. The good news is that you can offset your gambling winnings with your gambling losses provided you keep good proof of…
Buying a Business with Co-Owners? You Need a Buy-Sell Agreement!
Heavy Vehicle + Deductible Home Office = Major Tax Savings
Selling to a Related Party Can Kill Your Tax Losses
If you sell property to a related party, you may not deduct your loss on the sale. And this gets worse. The loss you cannot deduct no longer belongs to…
Arguing with the IRS: You Need Tax Authority
Beat the Recapture Tax on Your Home Office
Due Diligence Is Critical to Buying a Business
You have much to consider when you buy an existing business. If you are deciding whether to purchase an existing business or to start a new business from scratch, due…
Buy Your Employees (and Yourself) Flowers and Fruit, and Deduct the Cost
Private Debt Collectors Are Coming to a Doorstep Near You
Beating Penalties for Misclassifying W-2 Workers as 1099 Contractors
One potential business tax reduction strategy is to hire independent contractors instead of employees. If a worker’s classification fits within the tax law, it’s a legitimate strategy that can save…
