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The 8 Most Common Tax Audit Triggers

Posted In TAXES

Most small-business owners would say one thing they would meticulously avoid if given the chance is a tax audit. But rather than living in fear of the unknown, let’s take a look at some of the most common triggers for a small-business tax audit. The IRS uses a computer program called the Discriminate Function System [...]
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Top Tax Write-Offs for Small Business Owners

Posted In TAXES

With each tax deduction you take, you reduce your overall tax burden. And as a small-business owner, you can use all the relief you can get. Make sure you don’t leave money on the table this tax season by taking advantage of these top tax write-offs: Home Office If you use a portion of your [...]
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What Happens During An IRS Appeal?

Posted In TAXES

Tax audits are rough, but you still have recourse even if they don't end up in your favor. If your business is audited by the IRS, and the auditor rules against you but you believe the ruling to be in error, you can appeal the decision. You should receive a copy of the auditor's ruling along [...]
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Bitcoin: How To Account For Virtual Currency on Your Taxes

Posted In TAXES

If you've been watching the financial news over the past year or so, you may have heard quite a bit about this thing called “bitcoin." You may have also heard that it is a new type of currency, and thought about using it in your business. If you do decide to accept bitcoin, how will [...]
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Do You Have to Pay Quarterly Taxes?

Posted In TAXES

If your employer withholds money each week from your paycheck, then you likely don’t have to think about making quarterly tax payments. However, for those of us who are self-employed or receive income in the form of interests, dividends, rent, alimony, gains from the sale of assets, prizes or awards, it may be necessary to [...]
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How to File for a Tax Extension

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April 15 always strikes fear in the hearts of many small business owners. That's the IRS tax-filing deadline, and if you fail to meet it, you could face some costly penalties. However, by filing a tax extension, you can buy some extra time to review your books, collect data and receipts, evaluate whether you have included [...]
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Understanding Business Tax Write-Offs

Posted In TAXES

Whether you’re a freelancer, consultant or small business owner, every purchase you make that doubles as an investment for your business may betax-deductible. The Internal Revenue Code allows you to write off all “ordinary and necessary” expenses required to operate your organization as deductions. Examples of Business Tax Write-Offs Business tax write-offs are numerous and can apply [...]
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How Long Do I Need to Keep My Tax Files?

Posted In TAXES

It’s no secret that tax season is a stressful time for many Americans. From correctly reporting income, to determining what can lawfully be deducted, filling out tax forms can be a grueling process. Furthermore, tax season doesn’t necessarily end when you get your refund. Typically, you need to keep your records for a period of time [...]
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