USTaxAid Services

We’re up to Deduction #15 of the 1000 Possible Business Deductions. If you are a real estate investor, then you’re undoubtedly aware of this expense – advertising.  Yes, it is a deduction.  Of course, if it creates a real estate passive loss, then you’re subject to all of the real estate passive loss limitations. Less ...

If you give an employee an advance and then later forgive the amount, you have created a deduction for yourself and taxable income for your employee. As far as the bookkeeping entries, initially, the entry would have been to debit a notes receivable for employee advances. At this point, the employee has to pay the ...

Years ago, the government gave us a new deduction called a “production deduction”. It started off at 3%, but over time has been going up. In fact, in 2010, it’ll be up to 9%. I keep seeing this deduction missed on new client’s past tax returns. If you have a business that produces or improves ...

The federal deficit is growing and the government is looking for ways to balance it.  There is one thing that’s been effective lately – IRS audits.  The IRS audit teams have been successful at raising money and that means the number of audits is increasing. The target for 2007 was real estate investors with losses. ...