[...] for the property that you own (cars, real estate, investments) you should keep everything until 3 years after you sell it. If you bought some stock back in 1995, and you sold it in 2013 – hold on to your 1995 purchase documents until [...]
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Deducting Disneyland trip as business travel?
[...] Now the newly enlightened artist had $30,000 of so-called business expenses (including, you guessed it, a Disneyland vacation, err, business trip) and a huge tax refund. This money came handy and was promptly spent. Shortly after, she also had [...]
IRS grabbed my bank account – what can I do?
[...] One missed payment will never be a reason to freeze your bank account. Also, before freezing your money, they should have sent you multiple warnings by mail, the last one by certified mail. Did you recently move and not receiving your mail, by chance? [...]
Business start-up expenses – can I deduct them?
[...] With a business like yours, the start date is somewhat subjective. It could be the date when you received your first order. It could be the date when you first advertised your business [...]
IRS delays 2013 tax filing season
[...] When the politicians were finally done, it was already 2013. Guess what? The IRS now has to change the tax forms and reprogram their computer systems. Imagine preparing for a wedding when the bride [...]
Will I get audited claiming $15,000 business income?
[...] What usually triggers audits is not how much income you claim but how much expenses you deduct against this income. For example, if your business income of $15,000 is offset with $3,000 of business expenses such [...]
Who will defend you against IRS audit?
[...] This CPA lady receives her IRS audit work from an insurance company. Have you seen those $39 or $59 offers of “IRS audit insurance” from TurboTax or from your local office of some national tax chain? So what happens in reality? [...]
No 1099 does NOT mean no tax deduction!
[...] after the session, I was approached by two ladies. They introduced themselves as former IRS agents who now retired and switched sides. They shook my hand and confirmed that, while the IRS auditors are indeed trained to [...]
How to get out of the IRS debt
How to get out of debt to IRS? The first question is: are you sure you really owe this money? A lot of times, you owe only because you did not file your tax return, or because you made a mistake on this return, or because the IRS made a mistake. If you never filed [...]
IRS announces “Fresh start” – but it stinks
[...] it takes an IRS agent less than a minute to initiate Federal tax lien and file it with your county. Once filed, forget selling or refinancing. You need to work with the IRS first. So, what exactly did the IRS do to relax this burden? They doubled [...]
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