Reported 2 days ago
In a discussion about common tax pitfalls prevalent on social media, tax attorney Adam Brewer warns against three major traps. He highlights the risks of the 6,000-pound vehicle deduction, advising against tying up funds in such vehicles and suggesting alternatives like pre-tax retirement contributions. Brewer also clarifies that having an LLC doesn't automatically entitle one to write-offs, stressing the importance of understanding legitimate deductions. Additionally, he cautions taxpayers to evaluate the tax benefits of large charitable donations in light of higher standard deductions.
Source: YAHOO