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IRS Audits: What Do You Do?

Women in Consulting

By: Renee Daggett Overview : If you receive an audit notice from the IRS, do not panic. First, read the letter completely through to see what they are auditing. If you can handle the audit yourself, without getting emotional or defensive (or rambling), then do so. Then, get organized!

Travel 76
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IRS Audits – What DO You Do?

Women in Consulting

If you receive an audit notice from the IRS, do not panic. First, read the letter completely to see what they are auditing. If you can handle the audit yourself – without getting emotional or defensive (or rambling) – then do so. TYPES OF AUDITS. By: Renee Daggett.

Travel 48
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Keep the Receipt or Lose the Deduction

Women in Consulting

Time after time, there are rulings from the IRS stating someone lost their deduction due to bad record keeping. She relied on her testimony to prove the deductions, while the IRS required documentation. The IRS could see she spent money, but because she could not prove the items purchased, the deductions were denied.

Banking 48
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Avoiding Taxes Like the Big Guys (and Gals)

Martinka Consulting

Most business owners do the same thing but do it to reduce the owner’s taxes not the taxes of an employee. The son doesn’t feel the same way because he plays it straight and gets audited financial statements. In other words, “I’m cheating the IRS, but I won’t cheat you.”. There seems to be a family history of this.

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Self-Employed? Prep for Tax Season to Save Big

Successful Independent Consulting

Our motivation is simple: pay as little tax as possible, ideally without triggering an audit. We all should be asking ourselves (and our accountants) this question: As a business owner, what can I do to lower my tax bill? Sole proprietors qualify for deductions too, even if you only consult part time.

Insurance 207
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Scare Tactics Selling; Just Like Fake News and Alternative Facts          

Martinka Consulting

I’ve been hearing ads for a tax mitigation firm saying, “The IRS is unleashing an army of enforcers….” In other words, only we can save you from having your house, car, and first born taken by the IRS. I’m sure it works or they wouldn’t do it. Contrast scare tactics selling with what I heard at a workshop last week.

Travel 40
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Physical Gold and Silver vs. Paper Gold and Silver: How Much Markup Are You Willing to Pay?

MishTalk

According to Rob Kirby "In the Asian market, if you could find physical bullion as cheap as spot plus 50%, you’d be doing really, really, really well and you’d be hard pressed to find serious tonnage at that price in Asia.” There are additional concerns and risks should you want to sell your holdings. You do not own metal.