TaxLoopholes Blog
What's Your Biggest Personal Expense?
The most popular thread we’ve had at the First Class Forum is “What’s Your Biggest Personal Expense?” It’s funny how a thread could launch a whole new company. But, that’s exactly what has happened.
The exercise is to look at your biggest expense. This is something that you currently can’t get a write-off for from your business. It could be a luxury car, designer clothes, or European travel. It could be anything!
Think about your biggest expense. What would you love to write-off?
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If You Get an IRS Audit Notice
If you receive the IRS Audit Notice for Real Estate Professional status, do NOT talk to the auditor until you’re fully armed with all of the information you need.
I just had to tell a prospective client that there was nothing I could do, because they had already represented information that put them in even worse trouble.
Be careful. Talk to a qualified CPA or Tax Attorney FIRST!
