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Results (5,763+)
T Giddens Should I buy a vehicle under business LLC?
14 February 2021 | 32 replies
In fact during my 2 iRS audits (2010, 2011) the (documented) high mileage deduction came up, but was allowed.
Derrick Compton newbie from Indy
4 August 2013 | 6 replies
Plus, ask them how many audits they have been through.
Gordon Starr Should I hire my own kids to work for me?
22 December 2020 | 34 replies
Clients who, I am proud to say, have never once been audited due to the tax positions I've recommended to them.  
Yen Padilla What would you do if you are in our shoes?
20 April 2018 | 15 replies
It's already been said, rather well, but I will echo @Amy Beth and @Rick Pozos - you need to do, or have someone do, a serious personal finance audit
John Archer Pace Morby and his gator lending tribe
26 April 2024 | 47 replies
In my recent IRS audit, the agent appreciated that point. 
JD Smith Second Home/Vacation Property Loan (10% down) an option?
20 April 2024 | 24 replies
In an audit, you’d need whatever info they demand.  
Gabriel A. ListSource.com Review?
16 February 2020 | 26 replies
That said their customer service and auditing department must not have computers because its very difficult to speak to them.
Brandon Sturgill Petition for BP to Discontinue Wholesaling Discussions...
25 February 2017 | 311 replies
Kristine Marie PoeI'd say you're right, except that closed transactions show up in audits after closing, it's not the closing agent responsible for such matters but the selling broker.......in their absence, the seller.
Kaybreh Mathis Do I Need to Issue 1099s?
30 December 2020 | 13 replies
The QBI deduction is only allowed if you are a "trade or business", and the tax courts have resolved that rental real estate is a trade or business.However, @Vince Mathis if you are simply a passive investor in real estate and you do not claim the QBI deduction, then you don't have to issue a 1099.Keep in mind that if you don't issue a 1099 and take the QBI deduction, then you run the risk of the IRS auditing your tax return and claiming that you deducted the QBI erroneously, and charging you back taxes and penalties.When it comes down to it, you are paying taxes, why shouldn't your contractors pay taxes? 
Ed O. Buffet & Romney - How do they get their rates so low?
2 January 2013 | 7 replies
I'm certainly not an accountant and would defer to those here on BP.Rob K-I do pride myself on paying very little in federal income taxes and I showed several letters of communication with the IRS on previous audits in the bigger pockets summit last year and also in the center of my book.There are several ways of deferring income tax and additional ways to significantly reduce the amount due.