Do You Want to be my Client?

I have been getting LOTS and I mean LOTS of  calls about having my firm’s availability to take on new clients.  We CAN take on new clients BUT – we are giving priority to existing clients, so new clients will get extensions at this point.  We will start preparing new clients again after April 15th.

70% of those surveyed are NOT done with their taxes yet

The results of my online poll have been amazing.  So far, 30% have not prepared their taxes, 30% have not prepared them AND feel guilty about that and 10% say “done?  are you kidding?”

With approximately 3 weeks to the deadline, where do you stand and how can we help?

The IRS Never E-mails

From time to time a client will forward an email to me – they are unsure whether to respond. It looks like it’s from the IRS, it acts like it’s from the IRS – it wants money (just like the IRS), or better yet – wants to GIVE you money – only guess what? It’s NOT from the IRS. It was never from the IRS. The IRS will never email you about taxes due, information they need or any other thing. They use the mail only. So the next time you see an email from the IRS you have 2 choices -

• Delete without reading
• Forward without reading to the IRS at phishing@irs.gov

Save yourself and your friends by letting them know that the IRS NEVER EMAILS!!!!

Are you done yet?

NO. 8 Deducting more than 50% of meals when travelling out of town for business

A commonly misunderstood deduction is for meals when travelling for business out of town.   These meals are only 50% deductible.  I have had this conversation many times with students in my teleclasses or when I am out speaking.  Many, many years ago these meals were 100%  deductible – but not anymore.   If you do much travelling for business, save yourself from this costly mistake.  There are a lot of things you can do right when travelling out of town for business that you might miss – if you think you have more to learn, go check out my course on Travel, Meals & Entertainment.  You’ll find it here on the link below (but you’ll need to scroll down to see it)  As a special deal for you – I just realized we have not changed the posted price – It was to go to 19.95 after the live call – but you can get it now for only 15.95

http://www.deductiondiva.com/FeaturedProduct.html

No. 7 Failure to understand the Hobby Loss Rules

Many factors go into the determination of whether you have a business or a hobby.  Did you know that there is NO rule that says if you have losses in 3 out of 5 years, your business will be treated as a hobby?  IRS does say if you have income in 3 out of the last 5 years, your venture will be considered to be a business.  There are many factors that the IRS considers in determining if you have a business or a hobby.  Here is just one factor (there are others) Do you carry out your business in a business like manner?  This means keeping good books and records, receipts, and the like.  I would love to hear from you – is this a topic that worries you or your friends?

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Protected: Paying Family Members Handouts – Must have password

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