Dealing with IRS and other Tax Audits

It’s one of those fears that bog the minds of rich people and even ordinary taxpayers—getting audited by the IRS. But what are the chances that you’ll be audited by…

Board Meeting Deduction

Board Meeting Deduction

Board Meeting Deduction The expenses related to the working of a board of directors are evidently termed as ordinary and necessary expenditure of conducting business as per Income Tax rules…

Tax Deduction: Entertainment for Customers and Clients

Tax Deduction: Entertainment for Customers and Clients

A crucial part of business is building and nurturing relationships with clients. While doing this, the business owners meet clients, customers and business partners during social events and occasions. The…

Tax Filing

Deduct Accounting Fees Paid to your tax professional

Accounting Fees Deduction The Internal Revenue Service is the authority of the tax code as approved by the Congress. The IRS deciphers the tax code and has the power to…

car deduction

How to Make Tax Deductions for Cars and Trucks ?

Cost of operating a truck, car or other kind of automobile is tax-deductible when moving and relocating or driving for medical, business or charity purposes. The deduction made corresponds to…

tax shelter for business

Tax Shelter Ideas

Tax Shelter Ideas for Small Business Owners In general, a tax shelter refers to a program which allows business enterprises or individuals to either defer or reduce payment of income…

Health Insurance Deduction

Health Insurance Deduction

Tax deduction is a big concern, and on the other hand it is highly beneficial because it can help you in various ways. Health insurance is one of the most…

Writing off your summer vacation

Writing off your summer vacation

Summer vacations can burn a big hole in one’s pocket; however avoiding them is not the long term solution. Working without taking any vacations can kill a person’s work life…

Avoiding IRS Tax Audit This Year

Avoiding IRS Tax Audit This Year

There are many things that seem to raise the red flag every time a tax return goes to the IRS. This article is going to point out some of the…

1099 Independent Contractor Tax Deduction

1099 Independent Contractor Tax Deduction

Recently we got a question asking about the tax deduction for the 1099 contractor. Caller wanted to know if he can deduct the travel expense from his home to his…