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How to Deduct Cruise Ship Conventions, Seminars, and Meetings

The IRS considers all ships that sail cruise ships. In 1982, your lawmakers were attempting to give the U.S. cruise ship industry a leg up by outlawing all cruise ship conventions, seminars, and similar meetings other than those that take place on a vessel registered in the United States, and where all ports of call …

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Q&A: Can the IRS Require Odometer Readings with the Mileage Rate?

Question: Let’s say you are under IRS audit for business mileage. You claimed business miles at the IRS optional rate. The IRS has requested odometer readings for the vehicle. Is this proper? Should you have to provide odometer readings when claiming the business vehicle deductions using the IRS optional mileage rate? Answer: The tax code …

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Update on New Court-Approved Way to Defeat IRS Penalties

Like you, we at Hinrichs+Pesavento don’t like IRS penalties. That’s why we keep you up to date on new ways you can beat the IRS at its penalty game. Section 6751(b) Overview Tax code Section 6751(b) says that the IRS cannot assess a penalty unless an IRS supervisor or higher-level official designated by the Treasury …

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Avoid This Super-Costly Mistake with Your Payroll Taxes

Let’s say you paid your payroll taxes. Is there any way you would have to pay those same payroll taxes twice? Yes, and this sad situation happens to unsuspecting business owners every day. Is there any way this could get even worse? Yes. On top of paying the same taxes twice, you could have to …

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How to Properly Deduct Sports Team Sponsorship

Are you considering sponsoring a local sports team this year? Maybe you already are. The sponsorship usually entails buying the uniforms (the practice name appears on them), bats, balls, and masks, and possibly even contributing to the fund that pays for the umpires. You get good publicity with this. In fact, the games are reported …

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Life Insurance Policy Loan: A Tax Nightmare

Dr. John Jones fell into the life insurance policy loan trap. A successful dentist, Dr. Jones purchased a life insurance policy from ACME Mutual Life Insurance Company. For the first six and a half years, he paid the insurance premiums by check. For the next 15 1/2 years, he paid the premiums by borrowing at …

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Did Employee Recreation and Parties Survive Tax Reform?

You take your employees to a hotel meeting room for an all-day intensive training. You buy them lunch. The cost of the training lunch creates a 50 percent tax deduction. You take your employees and their spouses and children to the local country club, where they play golf, play tennis, swim, and enjoy lunch, dinner, …

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Tax Deduction for Classic or Antique Cars Used in Business

Have you considered buying an antique or a classic car versus a new car as a business-use vehicle?  Let’s say a 1972 Pontiac GTO versus a 2019 Lexus GS.  Let’s start with a few things to consider: The classic or antique car as a write-off; How the old law often disallowed classic cars; How the new …

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Planning Big Purchases: When can you afford it?

Chances are you became a dentist to help people and enjoy a comfortable life for yourself and your family.  The profitability of your practice can vary month-to-month and without the right CPA, it can be difficult to know how your practice is performing, when to invest and save, how much your taxes are going to …

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Why Dentists Should Consider an In-House Membership Plan

Are you considering an in-house dental plan?  Maybe you already have one up and running? The fact is, an in-house membership plan can provide a tremendous upside for dental practices.  You can provide dental coverage, often at a price point similar or lower than traditional insurance providers, to your patient base. This is a great …

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