Bonnie Lee - Taxpertise: The Complete Book of Dirty Little Secrets and Tax Deductions for Small Business the IRS Doesnt Want You to Know

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Table of Contents

Dedicated to my mother, for teaching me independence,
resourcefulness, and creativity.
You made me the person I am today.

I love you bigger than the whole wide world.

Acknowledgments

I want to thank Katharine Sands of the Sarah Jane Freymann Literary Agency for wanting to hear stories about my day job and planting the seed for the birth of this book. More than that, she watered it, lovingly tended it, and then when it blossomed, she found a home for it. Thanks, Katharine.

To Gretchen Kelley, who believed in the importance of folks acquiring taxpertise and spreading the word. To Stephanie and Bob at KSVY, who gave me a platform to educate listeners and verbally express my views on taxes. To Tami Casias, Patricia Henley, Carole Kelleher, and Dr. Julie Carlsonmy writing therapy groupfor their wisdom, support, and editorial opinion. Love the candor and honestyso much more valuable than encouraging platitudes. And I want to express extra gratitude to Carole, who at the final hour offered her eyes and wisdom and spaghetti. My sidekick Amanda Johnson, who took over the workload while I labored on this book and who co-hosts the Taxpertise radio show, is like a daughter to me, and I hold her very dear to my heart. To Robert Mathison, E.A., who critiqued the work adding a round of applause.

And of course, I want to extend my appreciation to Jere Calmes at Entrepreneur Press, who liked my voice enough to take a chance on this firsttime writer. Also, special thanks to Courtney Thurman, Jillian McTigue, and Leanne Harvey of Entrepreneur Press for their guidance and talent; to Cheryl Kimball for looking at the big picture; and Karen Billipp for her expertise and eagle eye.

Preface

The Clan of the Bean Counters

As I nod off, my mind wanders to thoughts of Silverback. Weve wanted each other since we were budding adolescents. I was in love the moment he scooped a handful of red grubs and offered them to me. Silverback is hot. Broad forehead, shining eyes (especially for me), taller and more massive than the others. And smart. He even walks upright most of the time. But Silverback left with the clan chiefs sons on a quest for fire and has never returned. Now the stupid and selfish Grong and I have been mates for some time.

I am dozing, leaning into the curve of a splayed branch at the top of a tall tree where I had shaken fruit down to Grong, then eaten my fill. I jerk awake at an unmistakable scent arriving on the late afternoon breeze. Musty musk with overtones of eucalyptus. Alert, I sniff the air and strain my eyes.

Silverback! I call to him. He hears me and hurries in our direction, wild with eagerness. I cant wait for him to throttle Grong.

Grong assumes a fighting stance. But Silverback has no fear. He lunges, swinging the thigh bone of a brontosaurus in a threatening arc. Grong screams and scampers away. My heart pounds wildly in my chest.

Silverback smiles up at me. Our eyes meet, all the missed love shining through. I hand him some fruit. He tilts his head and says, Thats a taxable event.

Huh? I jerk awake and look around. Its 1986 and Im one of 200 attending a tax seminar. Silverback is in a suit at the front of the room. The thigh bone is a pointer jabbing at a projection of a diagram with lots of arrows, boxes, and dollar signs.

I shake my head and look around me at all the suits and bald heads and number-two pencils. And I begin to wonder about life and taxes and paperwork. How did this happen? How did we go from a being planet of humanoids with nothing better to do than climb trees and club sabertoothed tigers to being a bunch of nitpicky, paperwork-driven idiots happily adding layer after layer of complexity to what should have been a beautiful and carefree existence?

OK, I understand thats a sweeping statement and theres more to it than thatyadda yadda yadda. But dang! I have just been yanked from an encounter with macho Silverback bad boy. I am not in a good mood.

The speaker says, You are required to take an IRA distribution by April 1st of the year following the year in which you reach the age of 70...

I lose it. My eyes roll, I groan, and I bang my head rhythmically on the table, repeating the speaker, The year following the year in which you reach the age of 70? What the hell? Why dont they just say you have to take your IRA distribution when youre 70? Why cant they say that?

What the hell is with the half? I mean, cmon, who uses a half after his age? Apparently, the doddering old congressman who made up this law, thats who. I can see him now, wandering around the U.S. Capitol, saying, I get to sit in the front row. I have seniority. Im 70. Sure, pop, have a seat and another Jack Daniels. What the hell.

Once your age hits double digits, the half is history. Am I not right? Nobody winces or thinks twice when you say youre 7. But people will start wondering about you if you say youre 38.

I knew right then and there that dealing with tax law was going to be not only a challenge but also a lot more fun than being a Realtorwhich had been my other choice of day job. The tax code is littered with tons of great material for a comedy routine. I could envision it: Do taxes for a few years, then pursue my lifelong ambition of being a stand-up comic.

And the more I delved into the tax code, the more I began to see how subjective tax law is and how much of it is based on facts and circumstances rather than on a cut-and-dried set of rules. Not that the code isnt laced with rules. But hey, its set up so you can put a spin on it. Wow!

I thought creativity wouldnt be allowed in the tax business. Boy was I wrong. During the next 20-odd years, I felt my creative juices flowing every day.

Recently at a tax conference, the instructor told us, The answer to every tax question is: It depends.

The truest words about taxes ever spoken.

Introduction

The first step to financial health is financial consciousness. So get conscious of this: Approximately 43 percent of every dollar you make goes back to the government in taxes. And thats just an average. If youre self-employed, you get to pay extra. And if you make the really big bucks, you could be paying upwards of 50 percent.

That probably ticks you off. Are there legal ways to reduce that percentage? How do you get ahead, you wonder?

Usually by investing. If you read all the latest tomes on the subject, youll find that creating passive income is the key to financial success. Invest in a home that will not only provide you shelter but will grow in value. Invest in just the right stock and make a killing. Toss some money into CDs for a conservative return. Buy rental real estate. Hey! With no money down! Move your equity into a new business venture. And dont forget to fund your retirement plan.

All of that requires having a few extra bucks lying around. Even if you have the opportunity to jump into real estate with no money down be very careful. You need a deep pocket to keep up in the real estate game. Tenants trash rentals; properties can go vacant for months at a time. Youve got to keep paying the mortgage, insurance, and taxes no matter whether someone is paying the rent or not. And if the place gets damaged, you have to shell out for repairs to protect your investment.

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