Article Category: Audit

Small Business Tax Deductions

Posted on: April 22, 2015

Small Business Tax Deductions Being a small business owner has its challenges and rewards. Business tax deductions can be both. While many tax deductions are available to small businesses, it requires both knowledge and commitment on the part of the business owner or a business tax professional to keep up with what deductions are available and apply them to their maximum advantage. To do otherwise, automatically means that the business will be paying a larger tax bill than they would otherwise need to pay. Some of the common business tax deductions are discussed below. Office Supplies – The purchase of … [Read more…]

Audit-Proof your Small Business Tax Return

Posted on: October 27, 2014

Audit-Proof your Small Business Tax Return Audit-Proof your Small Business Tax Return – Although there is no way for a small business to avoid an IRS audit with absolute certainty, there are some steps that can be taken to minimize the chances of being selected. In addition to being one of the categories targeted for audit by the IRS, there are certain conditions that make the chances of a small business being selected for an audit more likely. Because business tax law is so complex, it may be advisable for a small business owner to consult with a business tax … [Read more…]

Avoiding a Small Business Audit

Posted on: June 9, 2014

Avoiding a Small Business Audit – Although budget cuts forced the IRS to perform fewer audits last year than they had in the previous several years, small businesses remain one of the categories targeted by the audit process. In spite of this fact, there are a number of things small business owners can do to make being selected for an IRS Audit less likely. Should an audit be conducted, these same actions will help to ensure a favorable outcome. One of the most obvious ways for a small business to avoid an IRS Audit, is for the business owners to … [Read more…]

Small Business Tax Update!

Posted on: April 4, 2014

Small Business Tax Update -Now that your corporate tax return or your corporate tax extension has been filed, it is as good a time as any to begin making changes that will save your business tax dollars and make tax record keeping a little easier. The following points highlight some small business tax issues that you may want to consider as you move your business forward. The Obvious Have an organized accounting system that includes entering all business expenses in a systematic and timely manner. Along these same lines, keep personal and business expenses separate. Never overlap the use of … [Read more…]

Tax Alert for Small Business Start-Ups!

Posted on: April 3, 2014

  Tax Alert for Small Business Start-Ups! – Any new business owner will soon realize that business taxes are one of the largest business expenses. This being the case, saving money on tax dollars is one of the most effective ways of increasing profitability. However, since the IRS tax code governing the start-up and continuing operation of a small business is so fluid and complex, keeping up with all of the available small business tax breaks can be a daunting task in itself. Outlined below are some of the ways that small businesses start-ups can save tax dollars in 2014. … [Read more…]