Risky business write-offs may save you money right now but cost you more than you bargained for in the future. It’s best to stay off the IRS’s radar, but these risky business write-offs may land you on the audit bullseye. As a business owner, you can deduct a variety of expenses that typical employees cannot. While you should take every legitimate deduction, some “business expenses” are not always eligible. Take heed before you claim any of these dangerous deductions. Think…
Taking a bad business write-off is one of the best ways to catch the attention of the IRS, which makes avoiding them one of your highest priorities. If you take a bad business write-off on your return, you’re essentially inviting the Internal Revenue Service to come sniffing around. Even if they don’t target you because of them, you're much more likely to become the victim of an audit. Even worse, this might come after you get your refund. The IRS has…
What You Need to Know about Bad Business Write-Offs Bad business write-offs are a widely accepted way for businesses to save money on taxes. Generally, any business loss can be recorded as a tax write off, and can be applied as a tax credit. The standard wisdom is that all tax write offs are good- as long as they are reasonable. But sometimes using write-offs can backfire. We will discuss what write-offs are, and how they can turn around and…
