Tag: augusta rule
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SMB Owner Wrote off $308,000 using the August Rule, Gets Hammered by IRS
The Tax Court’s recent decision in Kunjlata J. Jadhav and Jalandar Y. Jadhav v. Commissioner serves as a stark reminder of the importance of proper documentation and reasonable practices when claiming tax deductions. In this case, an SMB owner’s attempt to leverage the Augusta Rule led to the reversal of $308,000 in tax deductions, hefty… Read more