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We’re sure you’re aware that there is a right way and a wrong way to do your taxes. But sometimes, tax deductions aren’t as “cut and dry” as they seem.

Take, for instance, the junkyard owner who had a rodent problem. Instead of hiring an exterminator, he bought cat food and put it out to attract feral cats. The cats took care of his problem and he claimed the cost of cat food as a business expense.

Or how about the taxpayer who tried to claim the cost of a daily sitter for his dog? It seems this pet owner thought his dog was unable to make it through the day alone.

One of those deductions was successful. Can you … Read more →

Blood, sweat, and tears: the labor of love you pour into your business every day. It may be priceless from your standpoint. But will it have a fair market value on the street?

Here’s a question for you: How do you accurately translate your net worth?

A hundred dollars an hour?

A thousand?

Okay, we know, you’re worth every penny, but regardless of what it says on paper, you won’t be able to calculate the true value of your efforts until you have been paid. And by the way, don’t assume donating those hours will result in a big fat deduction at tax time.

What About Charity Donation?

When you donate time to a charity or you’re looking to deduct … Read more →

Here’s an idea: Why not purchase a motorhome or recreational vehicle and deduct it as a business expense?

As long as you use it for business, this could be a really sweet deal. And if you just happen to use it for pleasure once or twice, that’s no big deal, right?

You won’t be the first person to think of this and if you don’t follow the IRS rules, you won’t be the last to experience the consequences. The courts and the IRS have battled this discussion several times. Both have been challenged trying to confirm when the motor home is a business vehicle and when it is a business lodging facility.

Does it matter?

It does. The business aspects … Read more →

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