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 […]
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 […]
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 […]
Celebrating 40 Years of Service
Why Small Business Owners Need an Accountant
Women-Owned Small Business and Government Contracting
