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Nobody wants to spend their whole life looking over their shoulder, wondering if the IRS will audit them. Luckily, there is a statute of limitations on IRS audits and tax assessments. Once the limitations period expires, the IRS can’t audit your return or assess any additional tax. You may have Read More
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When you rent a bedroom in your home and that rental unit creates a tax loss, can you deduct the loss? Yes, if you meet the four technical requirements listed below: You used the bedroom as a hotel unit because it was regularly available on a vacation rental site like Read More
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Tax law often discriminates against company owners, granting them no or fewer fringe benefits. But you, the owner, are not discriminated against when it comes to supper money. It works like this: The supper money fringe benefit is for defined employees. The IRS supper money rule states that the term Read More