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Business Mileage: Beware of IRS Assertions of Metropolitan Area The IRS has ruled that you “may deduct daily transportation expenses incurred in going between your residence and a temporary work location outside the metropolitan area where you live and normally work.” In this favorable ruling, you find two possible impediments: Temporary work location Metropolitan area

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In this Issue: Key Tax Facts and Scenarios Entertainment Tax Deductions Look Fishy John Henry is engaged in an IRS audit, and he has a big problem with his entertainment deductions. John’s first visit with the IRS was unsatisfactory. He did not have any proof of his entertainment costs. The auditor allowed him to return Read More

Using Children’s IRAs to Pay for College If your child has earned income (maybe from working in your business), you may want to consider establishing an IRA for your child. The IRA funds can, in turn, be used to help pay your child’s college expenses. When your child withdraws money from an IRA, tax law

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