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Three Simple Steps to Keep the IRS Away

1. Keep good records: You might think this just helps in an audit. However, good record-keeping can avoid IRS problems to begin with. Most audits are correspondence audits done by mail. Having good records may well avoid the more intensive in-person audits. This is where Taxbot can be incredibly useful since it meets all the...Read More

Personal Philosphy

Personal philosophy tip: In 1991 , I was travelling for business in order to present my usual one day seminar. The evening before the seminar, I got word in the hotel from my dad that my mom passed away! I was very close with my mom. I must have cried for at least an hour....Read More

Creating a Budget

In a prior post, I noted why it was so important to track your expenses and how to do it. Here is what you do once you start tracking your spending: Create a budget using either Taxbot, budgeting software or the Money Mastery software. This budget would show on the left side what you are...Read More

Taxation of Frequent Flier Mileage

Normally, Americans are taxed on all income, prizes and rewards. You would think that frequent flier mileage would fall within this definition of income or rewards. However, the IRS has announced that they will NOT penalize anyone and will not enforce the taxation of frequent flier miles earned as a result of business trips such...Read More

Using Motor Homes for Business Travel

If you use your RV for business travel, the vehicle rules come into play. Thus, you MUST keep a log of your business travel mileage and personal travel mileage. Using Taxbot would be perfect for this. To the extent it is used for business, you can depreciate the motor home and claim other vehicle expenses....Read More