The IRS Audit Rates Are Increasing: How to Protect Your Small Business
As the IRS Audit Division comes back in full swing, so do the audit rates. Just last year, the IRS announced there would be a 50% increase in tax audits for small businesses in 2021. With 2020 behind us, it’s time for small business owners to buckle up and protect their business from falling victim […]
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Small Business Tax Filing Advice: How to avoid an audit.
With the IRS planning to increase tax audits by 50% this year, your small business could be targeted. An audit only happens when the IRS is suspicious that your tax forms aren’t accurate or truthful. Therefore, it’s important to take many precautions during the tax preparation process before you file. Numbers matter: When it comes […]
Small Business Tax Deductions You Should Know
Due to the unexpected financial losses small businesses faced in 2020, getting the most from your tax return will be of high importance this tax season. This is where small business tax deductions come in to save the day! Tax deductions help decrease your taxable income, therefore reducing the amount of tax you end up […]
Business Casualty Losses: Calculating and Deducting Properly
What exactly is a business casualty loss? It is the loss of property due to a certain “casualty”. A casualty in this case can be anything unexpected, including fires, accidents, floods, storms, and more. We’re breaking down some business tax preparation tips and rules for calculating and deducting these losses the right way. Calculating your […]
Find out which business tax breaks you’re eligible for due to the new enacted CAA
The Consolidated Appropriations Act provides over $2.3 trillion in funding which includes $900 billion in stimulus relief for the COVID-19 pandemic. The CAA was signed into law on December 27, 2020. Along with the newly enacted CAA comes new federal income tax breaks for businesses while also extending other breaks that were going to expire […]
The IRS backlog and what it means for taxpayers
According to the Government Accountability Office and the Taxpayer Advocate Service, the IRS is not keeping up with paper tax returns. The COVID-19 pandemic has definitely played a factor in this as last year’s tax season was in full swing during the beginning of the pandemic. By December of 2020, the IRS had acquired a […]
IRS Delays Tax Filing Deadline to May 17: What To Know And How We Can Help!
Due to an overwhelming amount of pandemic-related tax changes, the IRS has decided to extend the tax filing deadline to May 17. This delay is necessary as many Americans will need the flexibility and time to gather what they need for the 2020 tax preparation process. This change will happen automatically; no extra paperwork is […]
What You Should Know When Employing Your Spouse
There can be tax benefits to hiring your spouse as an employee with your business, but how you do this is important as the process can get quite convoluted and specific. Read on to see what you should be analyzing and how you can employ your spouse properly while also receiving some tax benefits along […]
Owe Additional Tax? Read These Tips On How To Use Reasonable Cause
Finding out that you have tax penalties from the IRS might be scary at first, but before you get worried, do your research and remember you have options; reasonable cause being one of them. Reasonable cause is based on the facts and circumstances of your specific situation. You have to provide proof that the reason […]