You may have done nothing wrong. But the prospect of an IRS audit makes everyone sweat. Many things probably go through your mind as you’re preparing a tax return or looking at one that’s been completed for you. Did I declare all of my income? Are all of the deductions I claimed legitimate? Do I […]
Taxes
Tax Advantages of Donating Stock
Making donations to non-profit organizations is a great way to do good works in the community your small business serves. It can also be a huge tax advantage to small businesses – especially if you take advantage of one not so widely known option to double up on your tax benefits. Donating appreciated stocks allows […]
Top Five Reasons the IRS will Sue You
No one enjoys paying taxes, but the vast majority of individuals and businesses follow the rules, take their deductions, and write a check for what they own. Of course, there are those that try to find ways to avoid paying taxes, but too often, the IRS consider these loopholes tax fraud. Once you go down […]
What You Need to Know about Health Savings Accounts in 2016
There is very little that is certain in life, but one thing you can count on is tax changes when a new year begins. That’s true for Health Savings Accounts, (HSA), as well. The IRS put out new guidelines for 2016 that you’ll need to know as they will affect how you may want to […]
Are You Claiming All of Your Tax-Deductible Business Expenses for 2015?
Haven’t completed your 2015 taxes yet? You’re cutting it close. Don’t short-change yourself on business expenses, though. If you’ve been in business for several years, you have a pretty good idea of what expenses can be claimed on your income taxes. But even if you think you know or you’re filing a business return for […]
Do You Need to File Form 1099s?
There are a number of situations where you’ll have to create and/or file Form 1099s. However, how do you know if you are affected? If you’ve been sending Form 1099s for years, you’re probably already working on them or have completed them. If you receive them regularly, they should be on their way to you […]