Melman on Gold & Silver
October 2016 by Leonard Melman
Although the risk of a federal tax audit remains low, thanks to the Internal Revenue Service’s secret audit selection process every prospector, miner, and mining-related business owner has good reason to fear an audit, but only if they are not prepared.
With conventional financing still difficult to obtain, it is little wonder that “self-financing” is the number one form of financing used by small business owners, miners and prospectors.
Knowing how and when to deduct the cost and expenses of the vehicles used in the prospecting or mining operation can have significant tax implications.
The gold from 80 years ago still holds all of its value—it’s the Dollar that has been damaged.
The Bawl Mill • Ask The Experts: Should I remove someone else’s claim post from my claim? • Ask The Experts: Question about resolving a quitclaim error • A New Prospecting Spot • Underground Mining: Stoping Methods • MMAC & PLP Update • Digging It Dry • Alternative Financing Alternatives • Dredging Therapy • Moving The Big Rocks • Modesto, California Man Finds 18-Ounce Nugget • New ICMJ Website Almost Here • California State & National Gold Panning Championships • Mining Stock Quotes and Mineral & Metal Prices