by Pierre Philantrope | Nov 18, 2020 | Tax Tip
The following are some of the areas you could explore to gain tax breaks to help you minimize your tax liability as part of your year-end tax planning strategy. Prepay Expenses Using the IRS Safe Harbor. IRS regulations contain a safe-harbor rule that allows...
by Pierre Philantrope | Nov 11, 2020 | Tax Tip
Tax legislation enacted at the end of 2019, as well as new tax laws enacted in 2020 in response to the coronavirus pandemic (COVID-19), will affect your 2020 income tax return. These legislations contain many new provisions which are likely to minimize your 2020 tax...
by Pierre Philantrope | Nov 4, 2020 | Tax Tip
Starting a business could be very exciting. Regardless of the type and size of your future business, you must conduct your research and get professional advice before you start your business. You could learn a lot from a successful business owner. Many professionals...
by Pierre Philantrope | Oct 28, 2020 | Tax Tip
There is what is called the “unpardonable sin” in an IRS audit. As self employed or business owner when you received a letter from the IRS telling you that you are the subject of an IRS audit, there is one record that receives special attention. This record can...
by Pierre Philantrope | Oct 21, 2020 | Tax Tip
Many taxpayers have been audited by the IRS because they illegally claim either the earned income tax credit (EITC) and child tax credit (CTC) or other credits because they claimed their children on their tax return. In many cases, the credits were disallowed because...
by Pierre Philantrope | Oct 14, 2020 | Tax Tip
The COVID-19 pandemic is still impacting our lives. You may be spending more time working from home. It is likely that you may have taken some extra rooms or a corner of your home for your business use.IRC Section 280A(c) states that you may claim a home office based...
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