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PAY ZERO TAXES!
DEDUCT EVERYTHING!
Hundreds of Tax Tips, Legal Write-Offs, Credits, and Loopholes
REVISED & UPDATED TO INCLUDE EVEN MORE TAX BREAKS FROM TRUMP'S ONE BIG BEAUTIFUL BILL!
President Trump's tax cuts have reduced taxes by trillions and trillions of dollars. Now DEDUCT EVERYTHING! shows how you can benefit from hundreds of deductions, loopholes and tax secrets. You'll also read about the "Trump Tax Loophole" that can slash your personal taxes by an additional 20% instantly! That's if you qualify — and many Americans do. Find more than 200 deductions, write-offs and legal loopholes, including:
Buy a new car up to $40,000 and write it off immediately!
All NEW! Big changes for medical expenses!
3 deductions that usually slip right past the IRS. This is Tip #1 for a reason!
Get the government to help pay your energy bill.
The most overlooked tax deduction — many accountants don't even know it!
How you can still deduct the mortgage interest on TWO homes!
Take $10,000 of distributions from 529s to help cover the cost of home schooling.
A better way to save for college..
NEWSMAX says "If you want to pay zero taxes, get DEDUCT EVERYTHING! It's possible!"
Contents
Table of Contents to DEDUCT EVERYTHING!: Hundreds of Tax Tips, Legal Write-Offs, Credits, and Loopholes by Tracy Byrnes, MBA, CDFAAuthor's Note
Introduction
CHAPTER ONE The Great Reset: Navigating the OBBBA Tax Landscape . . . . . .. . . 1
TIP 1
Standard Deduction: Higher and Permanent (IRC 63(c)) . . 2
TIP 2
SALT Deduction: A New Cap, a New Clock (IRC 164) . . . 4
TIP 3
Personal Tax Rates: Still Lower, Still Favoring High Earners (IRC 1) . . . . . . . 4
TIP 4
Advisor Fees Aren't Deductible—And Charitable Deductions Now Start After a "Floor" . . . . . . . 5
TIP 5
Child Tax Credit: More Families Qualify, More Refundable Cash (IRC 24) . . . . . . . . 5
TIP 6
Estate and Gift Tax: Stability Instead of Panic (IRC 2010(c); Treasury Regulation 20.2010-1(c)) . 6
TIP 7
Business Owners: Cleaner Rules, Bigger QSBS Wins (IRC 199A and 1202) . . . . . . . 8
TIP 8
Above-the-Line Deductions (2026-2028 Only) . . . . . . . . . 10
TIP 9
The Mandatory Roth Catch-Up Rule: A Short-Term Hit for a Long-Term Win (IRC 219, 401) . . . .. . . . 11
TIP 10
IRS Digital Documentation Rules (IRC 6001, 6201) . . . . 12
CHAPTER TWO From Cribs to Canes: How the OBBBA Unlocks Tax Breaks for Kids, Workers, and Retirees 13
TIP 11
Track Your Overtime Carefully—Only the Premium Is Deductible . . . . . . . 13
TIP 12
You May Deduct Up to $12,500 (Single) or $25,000 (Married Filing Jointly) . . . . . . . . 14
TIP 13
Your MAGI Affects Your Deduction . . . .. . . . . 14
TIP 14
Keep Pay Stubs and Overtime Records Until Reporting Rules Are Final . . . . 15
TIP 15
Remember: You Still Owe FICA Taxes on All Overtime . . . 15
TIP 16
Prepare to Track Only the Overtime Premium (the "Half") . 15
TIP 17
Understand the Two-Year W-2 Reporting Transition . . . . . 16
TIP 18
Do Not Reclassify Compensation: Beware of Anti-Abuse Rules . . . . . . . . . . 17
TIP 19
Train HR and Payroll Teams Early . . . . . . . . . . 17
TIP 20
Understand That States May Not Follow Federal Rules . . . 17
TIP 21
Supercharged Senior Deduction (the New $6,000 Bonus) . 18
TIP 22
More Social Security Benefits Stay Tax-Free (the End of a 40-Year Problem) . . . . . . . . . 19
TIP 23
Permanent 7.5% Medical Expense Threshold . . . . . . . . . . . 20
TIP 24
The New RMD Standard . . . . . . . . . . . . . . . . . . . . . . . . . . 21
TIP 25
Bigger Catch-Up Contributions for Ages 60-68 . . . . . . . . 22
TIP 26
Expanded Saver's Credit for Seniors Who "Un-Retire" . . . . 23
TIP 27
Expanded Qualified Charitable Distributions (QCDs) (IRC § 408(d)(8)) . . . . . . . 25
TIP 28
Credits for Caregiving and Aging-in-Place Financial Support . . . . . . . . . . . 26
TIP 29
Higher Deductions for Long-Term Care Insurance Premiums . . . . . . . . . . 28
TIP 30
Maximize Annual Contributions ($5,000 Limit) . . . . . . . . 32
TIP 31
Look for a Potential Employer Match (Up to $2,500) . . . . 33
TIP 32
Prepare for Taxable Withdrawals After Age 18 . . . . . . . . . . 33
TIP 33
Expect Low-Cost, Index-Based Investments Only—No Stock Picking, No Crypto . . . . . . 33
TIP 34
Don't Miss the Dell Foundation's $250 Seed Money (for Older Kids) . . . . . . . . 34
CHAPTER THREE Gratitude with a Garnish: How to Keep More of Your Tips Under the OBBBA . . . . . . . 39
Tip 35
Keep a Daily Tip Record . . . . . . . . . . . . . . . . . . . . . . . . . . 40
TIP 36
Report Cash Tips to Your Employer Monthly . . . . . . . . . . 40
TIP 37
New: Claim the $25,000 Tip Deduction (2025-2028) . . . 41
TIP 38
Tips Are Still Subject to FICA (Always Have Been) . . . . . . 43
TIP 39
For Tip Pools, Only Report Your Net Tips . . . . . . . . . . . . . 43
TIP 40
Understand "Uncollected FICA" on Your W-2 . . . . . . . . . 44
TIP 41
Report All Tips on Your 1040 (Even Noncash) . . . . . . . . . . 44
TIP 42
Pay Self-Employment Tax on Unreported Tips . . . . . . . . . . 45
TIP 43
Verify Allocated Tips on Your W-2 . . . . . . . . 45
TIP 44
Self-Employed Workers Can Claim the $25,000 Tip Deduction . . . . . . .. . 46
TIP 45
Electronic Tips (Venmo, Zelle, CashApp) Are Fully Taxable . . . . . . . . 46
TIP 46
IRS Tip Monitoring Is Increasing Under OBBBA . . . . . . . 47
TIP 47
Service Charges Are Not Tips . . . . . . . . . . 47
TIP 48
States May Not Follow the Federal Deduction . . . . . . . . . . 48
TIP 49
Keep Separate Logs if You Work Multiple Jobs . . . . . . . . . . 48
CHAPTER FOUR The Family Fortune: 20 Ways to Build a Tax-Smart Legacy for Your Inner Circle . . 51
TIP 50
Child Tax Credit . . . . . . . . . 52
TIP 51
Child and Dependent Care (CDC) Credit . . . . . . . 52
TIP 52
Earned Income Tax Credit (EITC) . . . . . . . . 52
TIP 53
Adoption Credit . . . . . . . . 53
TIP 54
The American Opportunity Tax Credit (AOTC) . . . . . . . 53
TIP 55
The Lifetime Learning Credit (LLC) . . . . . . . 53
TIP 56
Deduct Student Loan Interest . . . . . . . . 54
TIP 57
Deduct Medical Expenses for Dependents . . . . . . . 54
TIP 58
Deduct Charitable Driving Mileage . . . . . . . . . 55
TIP 59
Use That Dependent Care Account with Your Flexible Spending Account (FSA) . . . . . . . . . . 55
TIP 60
Beef Up Your Health Savings Account (HSA)—It's a Triple Tax Advantage Tool . . . . . . . . . . . 55
TIP 61
Take Advantage of the Newborn Savings Account (One Big Beautiful Bill Act Update) . . . . .. . 56
Tip 62
Save for College (and Way More) with a 529 Plan . . . . . . . 56
TIP 63
Use 529 Funds for Student Loan Repayment . . . . . . . 56
TIP 64
Put Your Kids on the Payroll . . . . . . . . . 57
TIP 65
Fund a Roth IRA for Your Child—The Ultimate Head Start . . . . . . . . . . 57
TIP 66
Use the Annual Gift Tax Exclusion . . . . . . . . . . 57
TIP 67
Understand the "Kiddie Tax" Rule . . . . . . . . . . . . 58
TIP 68
File as Head of Household (HOH) if You Qualify . . . . . . . 58
TIP 69
Check for Qualifying Widow(er) Status . . . . . . . . . 58
CHAPTER FIVE The Shelter Strategy: Maximizing Your Home as a Tax Shield Under the OBBBA . 61
TIP 70
Exploit the Expanded SALT Deduction (OBBBA Update) 62
TIP 71
Deduct Mortgage Interest . . . .. . . . . 62
TIP 72
Don't Forget to Use the $1 Million Limit on Grandfathered Loans . . . . . . . . . . 62
TIP 73
Use HELOC Interest for Home Improvement Only . . . . . 63
TIP 74
Deduct Property Taxes Paid . . . . . . . . . . . 63
TIP 75
Deduct Private Mortgage Insurance (PMI) Premiums Again (Starting 2026) . . . . . . . . . 63
TIP 76
Deduct Mortgage Points on Purchase . . . . . . . . . . . . 64
TIP 77
Deduct Property Taxes Paid at Closing . . . . . .. . . . . . 64
TIP 78
Amortize Refinance Points over the Loan Life . . . . . . . . . . 64
TIP 79
Fully Deduct Prior Refi Points on Sale/Payoff . . . . . . . . . . 65
TIP 80
Add Most Closing Costs to Your Home's Basis . . . . . . . . . . 65
TIP 81
Deduct Interest Paid Before Closing . . . . . . . . 65
TIP 82
Deduct EV Charger Installation Costs (Alternative Fuel Refueling Property Credit) . . . . . . . 65
TIP 83
Maximize the Home Sale Exclusion to Minimize Your Capital Gains at Sale . . . . . . . . . 66
TIP 84
Claim a Partial Home Sale Exclusion . . . . . . . . . . 67
TIP 85
Keep Receipts to Increase Your Home's "Basis" . . . . . . . . . . 67
TIP 86
Deduct Medically Necessary Home Improvements (Itemized Deduction) . . . . . . . . . . 68
TIP 87
Convert a Rental to a Primary Residence (for Exclusion) . . 68
CHAPTER SIX The Rental Playbook: Tax Hacks to Turn Your Property into a Wealth-Building Machine . . 71
TIP 88
Use the 14-Day Rental Loophole (IRC § 280A) . . . . . . . . . 72
TIP 89
Deduct All "Ordinary and Necessary" Expenses (IRC § 162) . . . . . . . . . . 72
TIP 90
Use Schedule C for Active Airbnb Hosting (IRC § 1402) . 73
TIP 91
Use Schedule E for Long-Term Rentals (IRC § 469) . . . . . 73
TIP 92
Separate Taxes for Business Use (IRC § 164) . . . . . . . . . . . 74
TIP 93
Build Wealth Using Depreciation: The "Phantom Deduction" (IRC § 167) . . . .. . . . . 74
TIP 94
Deduct Costs of Attracting Guests (IRC § 162) . . . . . . . . . 75
TIP 95
Deduct Travel Expenses for Rental Business (IRC § 162) . . 75
TIP 96
Move Personal Home Deductions to Your Rental (IRC § 280A) . . . . . . . . 76
TIP 97
Account for Escrow Taxes on HUD-1 (IRC § 164) . . . . . . 77
TIP 98
Issue Form 1099-MISC for Service Providers (IRC § 6041) . . . . . . . . . 77
TIP 99
But—You Can Avoid Issuing 1099-MISC with Credit Card Payments (IRC § 6050W) . . . . . . . . 78
TIP 100
Deduct Interest on Time-Shares (IRC § 163) . . . . . . . . . . . 79
TIP 101
Depreciate Qualified Improvements (IRC § 168) . . . . . . . . 79
TIP 102
Deduct Interest to Private Lenders (IRC § 6050H) . . . . . . 80
TIP 103
Prove Your Profit Motive (IRC § 183) . . . . . . . . . . . . . . . . 80
TIP 104
Understand Local Hotel/Lodging Taxes (State/Local Law) . . 81
TIP 105
Deposit Refinance Funds into a Business Account (IRC § 163) . . . . . . . 81
TIP 106
Report Unpaid Interest from Loans (IRC § 446) . . . . . . . . 82
TIP 107
Understand Passive Activity Loss Limitations (IRC § 469) . . 82
CHAPTER SEVEN The Strategic Giver: How to Donate Like a Philanthropist and Save Like a Pro . . . 85
TIP 108
Itemize to Deduct (Still the Gatekeeper) . . . . . . . 85
TIP 109
Use the "Bunching" Strategy . . . . . . 86
TIP 110
Verify the Charity's Status . . . . . . . . . 86
TIP 111
Keep Proper Documentation . . . . . . 86
TIP 112
Cash Donations: The Simplest and Cleanest Charitable Deduction . . . . . . 87
TIP 113
Clothing and Household Goods: Condition and Valuation Matter . . . . . . . . . 88
TIP 114
Vehicle Donations: Special Rules, Lower Expectations . . . . 89
TIP 115
Deduct Only the Net Gift . . . . . . . 90
TIP 116
Don't Donate "Losers" . . . . . . . . 90
TIP 117
Donate "Winners" (Appreciated Stock) . . . . . . . . . . 90
TIP 118
Understand the AGI Deduction Limits . . . . . . 91
TIP 119
Carry Forward Excess Gifts . . . . . . . . 91
TIP 120
Use a Qualified Charitable Distribution (QCD) . . . . . . 91
TIP 121
The Power of Donor-Advised Funds (DAFs) . . . . . 92
TIP 122
Charitable Remainder Trusts (CRTs) . . . .. . . . . . 94
TIP 123
CRAT Vs. CRUT: Two Ways a CRT Can Pay You . . . . . . . 95
CHAPTER EIGHT The Hustle Shield: Self-Employed Tax Strategies to Protect Your Profits . . . . 99
TIP 124
Deduct Business Meals at 50% . . . . . . . . . . 100
TIP 125
Separate Meal Costs from Entertainment . . . . . . . . . . 100
TIP 126
Deduct Meals for Transportation Workers at 80% . . . . . . 100
TIP 127
Deduct Business Mileage (Standard Rate) . . . . . . . . . 101
TIP 128
Deduct Parking and Tolls Separately . . . . . . . 102
TIP 129
Deduct Business Taxes Without a Cap . . . . . . . 102
TIP 130
Deduct All Ordinary and Necessary Expenses . . . . . . . . . 102
TIP 131
Deduct Business Travel Expenses . . . . . . . . . . 103
TIP 132
Deduct Employee Safety Costs . . . . . . . . . . . . 103
TIP 133
Deduct a Portion of the Self-Employment Tax . . . . . . . . . 103
TIP 134
Use the Optional Method for Social Security Credits . . . . 104
TIP 135
Claim the 20% Qualified Business Income (QBI) Deduction . . . . . . . . . . 104
TIP 136
Understand the MAGI Limits for the QBI Deduction . . . 105
TIP 137
Consider Becoming a C Corporation (C Corp) . . . . . . . . 105
TIP 138
Pay Yourself a Reasonable Salary (S Corporation Strategy) 106
TIP 139
Use the Cash Method of Accounting . . . . . . . . . 106
Tip 140
Maximize Section 179 Expensing . . . . . . . . . 107
TIP 141
Include Used Property for Bonus Depreciation . . . . . . . . 107
TIP 142
Consider an Office-in-Home Deduction . . . . . . . . . . . 108
TIP 143
Take Advantage of the De Minimis Safe Harbor (DMSH) Rule . . . . . . . . . . 108
TIP 144
You Can't Have Access to an Employer Plan . . . . . . . . . . 110
TIP 145
Your Deduction Is Limited to Your Earned Income . . . . . 110
CHAPTER NINE The Investor's Edge: Mastering Capital Gains, Crypto, and the Stealth "NIIT" Tax . . . . 111
TIP 146
Try to Hold Investments Long Term . . . . . . . . . . 112
TIP 147
Practice Tax-Loss Harvesting . . . . . . . . . . 113
Tip 148
Manage Your Tax Bracket for Capital Gains . . . . . . 114
TIP 149
Donate Appreciated Assets to Charity . . . . . . . . . . . 114
TIP 150
Follow the Wash Sale Rule (IRC §1091) . . . . . . . . . . . . . 115
TIP 151
Use the Crypto Wash Sale Loophole—While It Lasts . . . . 116
TIP 152
Defer Tax on Mining and Staking . . . . . . . . . . . . 116
TIP 153
Take Advantage of the De Minimis Exemption—If It Passes . . . . . . . . . 117
TIP 154
Try to Hold Crypto for over a Year . . . . . . . . 117
CHAPTER TEN Retirement and Wealth: Mandatory Roth and Long-Term Savings . . . . . . . . . . 119
TIP 155
Maximize Contributions to Retirement Plans . . . . . . . . . 119
TIP 156
Contribute to a Roth IRA—If You Can . . . . . . . . . 121
TIP 157
Take Advantage of the Backdoor Roth . . . . . . . . 122
TIP 158
Prioritize Roth Accounts for the Young'uns . . . . . . . . 122
TIP 159
Avoid IRA Early Withdrawal Penalties . . . . . . . . . 123
TIP 160
Repay 401(k) Loans When You Leave a Job . . . . . . . . . 123
TIP 161
Consider a Roth Conversion in Low-Income Years . . . . . 123
TIP 162
Use IRA Funds for Charitable Giving (Qualified Charitable Distributions) . . . . . . . . . . . 124
TIP 163
Take Advantage of Higher Estate and Gift Tax Exclusions 124
TIP 164
Lower Your MAGI with Smart Contributions . . . . . . . . . 126
TIP 165
Use Roth Accounts Strategically . . . . . . . . . . . 126
TIP 166
Use Tax-Loss Harvesting . . . . . . . . . . . 127
TIP 167
Consider Municipal Bonds . . . . . . . . . 127
TIP 168
Don't Deduct Investment Fees or Tax Prep Costs . . . . . . . 129
TIP 169
Avoid Paying IRA Fees Out of Pocket . . . . . . . . . . 129
TIP 170
Same with Those Management Fees for Private Funds . . . 130
TIP 171
Don't Miss Rollover Deadlines . . . . . . . . . . 130
TIP 172
And Finally, a Roth Conversion Reminder . . . . . . . . . . . . 130
CHAPTER ELEVEN Triple Threat: Turning Your Health Savings Account into a Retirement Powerhouse .131
Tip 173
The Power of the Triple Tax Advantage of Health Savings Accounts . . . . . . . . . . 131
CHAPTER TWELVE The Fast Lane Mastering the Road Rules for Maximum Auto Deductions . . 135
TIP 174
Start with Total Miles—No Fake Reverse-Odometer Tricks . . 136
TIP 175
Log Business Trips Like You're Planning the Perfect Skip Day . . . . . . . 136
TIP 176
Standard Mileage Vs. Actual Expenses—You Get to Choose . . . . . . . . . 136
TIP 177
Checklist to Pick a Method . . . . . . . . 137
TIP 178
Luxury Car Depreciation Has Limits—Apologies to the Ferrari Owners . . . . . . . 138
TIP 179
Want a Big Deduction? Think SUV, Not Ferrari . . . . . . . 139
TIP 180
A Home Office Turns Every Trip into a Business Trip . . . 139
TIP 181
Rideshare Drivers Are Businesses—Even if It's a Side Gig . . 140
TIP 182
Yes, Even Cash Tips Count . . . . . . 140
TIP 183
Advertising Wrap? You've Turned Your Car into a Business Asset . . . . . . . . . 141
TIP 184
Parking and Tolls—The Little Deductions That Add Up . 141
TIP 185
Charitable Mileage—Doing Good Still Gets 14 Cents per Mile . . . . . . . . . 142
TIP 186
Charitable Parking and Tolls—Also Deductible . . . . . . . . 142
TIP 187
Medical Mileage. Sometimes Necessary, Sometimes Deductible . . . . . . 143
TIP 188
Moving Expenses? Nope. . . . . . . . . 143
TIP 189
Standard Mileage Includes Depreciation—Don't Forget This . . . . . . . . 143
TIP 190
Personal Property Taxes May Be Deductible—If They Qualify . . . . . . . 144
TIP 191
Buying Vs. Leasing? Run the Numbers . . . . . . . . . 144
TIP 192
Employer Reimbursements Mean No Double Dipping . . 144
CHAPTER THIRTEEN Wait ... You Tried to Deduct What?: Debunking the Wildest Tax Myths in the Book 147
TIP 193
"My Dog Is My Security System—So He's a Business Expense." . . . . . . . . 148
TIP 194
"I Can Deduct My Wedding Because I Networked There." . . . . . . . . . 148
TIP 195
"My Vacation Was a Business Trip Because I Talked About Work." . . . . . . . . . . . 149
TIP 196
"I Bought Clothes for Work, So Therefore I Can Write Them Off." . . . . . . . . . 149
TIP 197
"I Can Write Off My Kids Because They Help Me on TikTok." . . . . . . . . . 149
TIP 198
"My Boat Is for Client Entertainment." . . . . . . . . . . . 150
TIP 199
"I Can Deduct My Divorce Attorney. It's My Future Financial Planning!" . . . . . . . 150
TIP 200
"I Can Write Off My House Because I Host Friends Who Talk About Business." . . . . . . . . 151
TIP 201
"My Gym Membership Is a Health Deduction." . . . . . . . 151
TIP 202
"I Can Write Off My Dating App Subscriptions. They're Client Research." . . . . . . . . 152
TIP 203
"My Tattoo Is Advertising. It Has My Company Logo." . . 152
TIP 204
"My Pool Is a Medical Expense Because It Reduces My Stress." . . . . . . . . . 152
TIP 205
"I Lost Money on Crypto, so I Don't Need to Report It." . . . . . . . 153
TIP 206
"The IRS Doesn't Care About Side Cash." . . . . . . . . 153
TIP 207
"My Vacation Rental Losses Don't Matter Because It's Just a Hobby." . . . . . . . 154
TIP 208
"I Don't Need Receipts. The IRS Trusts Me." . . . . . . . . . . 154
TIP 209
"If I Owe Less Than $1,000, They Won't Care." . . . . . . . . 154
TIP 210
"I Don't Have to File if I Didn't Make Much Money." . . . 155
TIP 211
"If I Get Audited, I'll Just Say My Accountant Did It." . . 155
TIP 212
"The IRS Won't Notice. I'm Too Small." . . . . . . . . . . . . . 156
CHAPTER FOURTEEN The Great Extension: Mastering April Deadline & Uncle Sam's Good Side ...157
TIP 213
File Electronically. It's Faster, Safer, and Smarter . . . . . . . . 158
TIP 214
Uncle Sam Needs to Hear from You by April 15 . . . . . . . 158
TIP 215
Even if You Can't Pay Your Tax Bill—File Anyway! . . . . . 159
TIP 216
Now, Even if You Extend, You Still Have to Pay What You Owe . . . . . . . 159
TIP 217
If You Owe, Make Your Payment Online . . . . . . . . . 160
TIP 218
Set Up an IRS Payment Plan if You Can't Pay in Full . . . . 160
TIP 219
Short-Term Payment Extensions—The 180-Day Grace Period . . . . . . 161
TIP 220
Paying with a Credit Card: Good Idea or Bad One? . . . . . 161
TIP 221
Track Your Refund (or Payment) . . . . . . . . . 162
TIP 222
All Refunds Aren't Instant—Even When You E-File . . . . . 162
TIP 223
How to Fix a Mistake: Form 1040-X . . . . . . . . 162
TIP 224
Don't Forget to Amend Your State Return Too . . . . . . . . . 163
TIP 225
The IRS Does Forgive Penalties—Sometimes . . . . . . . . . . 163
TIP 226
How IRS Interest Really Works—And Why the Penalty Adds Up So Fast . . . . . . . . 163
TIP 227
Ignoring IRS Letters Doesn't Make Them Go Away . . . . . 164
TIP 228
Create an IRS Online Account—It's Your Digital Tax Dashboard . . . . . . . . . 164
TIP 229
Get an IRS Identity Protection PIN (IP PIN)—Especially if You've Ever Been Hacked . . . . . . 165
TIP 230
Know What "Injured Spouse" Means . . . . . . . . 166
TIP 231
Same with "Innocent Spouse" . . . . . . . 167
TIP 232
And My Quick Public Service Announcement . . . . . . . . 168
TIP 233
Keep Your Tax Records—But Not Forever . . . . . . . 169
TIP 234
Celebrate Responsibly—And Then Make a Note to Start Earlier Next Year . . . . . . . . 169
CHAPTER FIFTEEN The Goodfellas Guide to the IRS: Surviving an Audit Without Losing Your Cool . . . . . 171
TIP 235
Reporting Round Numbers (aka "The $500 Rule") . . . . . 172
TIP 236
Large Deductions Compared with Your Income . . . . . . . . 172
TIP 237
Unreported 1099 Income . . . . . . . . 172
TIP 238
Claiming 100% Business Use of a Vehicle . . . . . . . 173
TIP 239
Excessive Meal and Entertainment Deductions . . . . . . 173
TIP 240
Home Office Abuse . . . . . . . . . 174
TIP 241
Cash-Heavy Businesses . . . . . . . . . . 174
TIP 242
Claiming the Earned Income Tax Credit (EITC) Incorrectly . . . . . . . . 174
TIP 243
Amending Returns Every Year . . . . . . . . . 175
TIP 244
"Hobby" Businesses with Years of Losses . . . . . . . . 175
TIP 245
Don't Panic—An Audit Isn't an Indictment . . . . . . . . . . . 176
TIP 246
Know What Kind of Audit You're Dealing With . . . . . . . 177
TIP 247
Respond Before the Deadline—Or Fuggedaboutit . . . . . . 177
TIP 248
Bring Receipts—Literally . . . . . . . . . . . 177
TIP 249
Get a Professional—Your Consigliere . . . . . . . . . . . 178
TIP 250
Don't Volunteer Extra Information . . . . . . . . . . . . 179
TIP 251
Get Everything in Writing—No Backroom Deals . . . . . . 179
TIP 252
You Can Appeal. Don't Let One Agent Be Judge and Jury . . . . . . . . 179
TIP 253
Fix Whatever Triggered the Audit . . . . . . . . 180
TIP 254
Celebrate the Win—Even if You Owe Money . . . . . . . . . 180
Conclusion . . . . . . . . . . 181
APPENDIX A Recordkeeping That Actually Saves You Money . . . . . . 185
APPENDIX B DIY Versus Hiring a Tax Pro . . . . . . . . 189
APPENDIX C I Need a Tax Pro . . . . . . . . . 193
APPENDIX D Think About State Taxes Before You Move . . . . . . 197
Acknowledgments . . . . . . . . . . . 203
Index . . . . . . . . 205
About the Author . . . . . . . 217
