How The IRS Can Disallow All of Your Business Deductions [Article]

Discussion in 'Growing and Managing a Business' started by ScottBradley, Jul 17, 2012.

  1. ScottBradley

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    Jun 26, 2012
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    From The Article
    Make no mistake, a business can save you a lot in taxes. I had a client who made $50,000 a year as a middle manager. He lost his job and started a consulting business. He made $50,000 in that first year. Income was the same, but the net result was very different. As a business owner, he had an extra $10,000 in his pocket at the end of the year.

    The reason is because he had a business, and that meant he got deductions that he couldn’t get as an employee.

    There is a new challenge from the IRS for businesses. If you don’t pass this test, you could lose all of your deductions.

    It all boils down to one thing:

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