Taxes

Will I Get Audited? Errors That May Get you Audited

  Will I get audited?  This is a question that many small business owners often ask themselves.  Be careful when it comes to your deductions. The IRS looks for higher-than-average deductions in each category as a signal that things may not be right.   The most common deductions that stand out as potential problems are

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IRS Red Flags ~ Errors that May Increase Your Chance of Being Audited

  Failing to report all taxable income, you and your 1099 – MISC, can signal an IRS red flag and increase your chance of being audited.   The IRS gets copies of all 1099s that you receive and they match the numbers on the forms with the income shown on your return. A mismatch sends

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Asset or Expense?

  Asset or Expense?  This is a major question to plagues business owners.   What is an Asset An asset is any major purchase that will last in your business for more than one year.  Some examples of assets are:  equipment, furniture, building and land, and vehicles.  When purchasing an asset, you will need to

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Keeping Track of Allowable Business Expenses and Income

  Here are a few tips to keep track of your allowable business expenses and income.  By following these tips you may keep your tax preparer happy and possibly cut your tax preparation bill by a few dollars.   During the year you accumulate bills and collect monies for your business.  At tax time you

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