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Do you operate your business as an S or C corporation? Do you use a vehicle for corporate business that is titled in your personal name? If so, it’s crucial to know how to avoid losing some or all of your business-use vehicle deductions. Claiming business-use deductions incorrectly can result in losing all of your […]
Each year, the IRS audits over 1 million tax returns. With agency resources shrinking, the IRS is more selective when choosing which tax returns to audit. Knowing what the IRS is looking for can help you understand and reduce your audit risk. Here are five of the biggest reasons the IRS may choose to audit […]
Investing in rental property is a lucrative venture, but it comes with its fair share of tax obligations. A crucial financial metric to grasp for any rental property owner is the adjusted basis, which plays a significant role in calculating your tax liabilities. This metric helps determine capital gains and losses, impacting how much you’ll […]