Does Tax Season get you down? Here are four simple steps that any small business owner can take to lower their tax bill this year. STEP #1: Understand How Serious Your Tax Problem Is Are you aware of just how much in taxes you are paying? Here’s how much the average family spends on various… Continue reading 4 Steps to Save On Your Taxes
Category: Tax
Do You Think That Filing Taxes Sucks?
Most people don’t look forward to filing their tax returns or paying taxes. There really isn’t much to look forward to as it is a tedious process that can take weeks to complete. Some people even have lousy luck raising the interest of the IRS. The trouble is most of these people’s mistakes are not… Continue reading Do You Think That Filing Taxes Sucks?
6 Common Tax Mistakes That Can Cost you Big
There are many different reasons why people can get into trouble with the IRS. Some people may become delinquent on their taxes, while others may make mistakes on their tax returns. However, there are also some cases where people knowingly commit tax fraud. Regardless of the reason, getting into trouble with the IRS can be… Continue reading 6 Common Tax Mistakes That Can Cost you Big
8 Tax Tips For Charitable Giving
Giving to charity feels good, and there’s even a financial benefit. You can deduct any charitable donations from your taxable income. However, many rules govern these donations. Cash gifts are handled differently than non-cash gifts, and different rules apply to depend on the donation amount. Tax laws can be complicated, but you can easily find… Continue reading 8 Tax Tips For Charitable Giving
When Can I Deduct Bad Debt On My Taxes?
A small business can write off bad debt losses if it meets nominal requirements. To claim such a tax deduction, the following must be shown: A. The existence of a legal relationship between the small business and debtor; B. The receivables are worthless; and C. The small business suffered an actual loss. Proving there is… Continue reading When Can I Deduct Bad Debt On My Taxes?
What Are My IRS Appeal Rights?
The IRS says that you have the right to appeal any decision they make about your taxes. But what does that mean? And how do you go about doing it? This blog post will give you everything you need to appeal an IRS decision. So if you feel like the taxman has got you down,… Continue reading What Are My IRS Appeal Rights?
Are Cash Tips Taxable?
The answer to this question may surprise you – cash tips are taxable! Here’s what you need to know about reporting your tips to the IRS. Many people are unaware that cash tips are taxable. Receiving tips from a customer is one of the great perks of working in the service industry. However, many people… Continue reading Are Cash Tips Taxable?
10 Tax Reduction Tips For Your Small Business
Everyone worries about taxes and looks for ways to reduce the tax burden. When you have a small business, you must update your knowledge of tax laws that pertain to “small businesses.” As a business owner, you must clearly understand accounting systems and tax planning. Sit down with your accountant and plan on ways of… Continue reading 10 Tax Reduction Tips For Your Small Business
3 Recordkeeping Tips For Tax Savings
The last thing most people think about when starting a business is doing taxes. But proper planning will make your taxes much easier – and keep the IRS happy! Here are three simple tips for keeping proper records: 1. Whenever you buy anything for your business, keep the receipt! Not only will this make record… Continue reading 3 Recordkeeping Tips For Tax Savings
5 Year-End Tax Planning Tips
With the end of the year rapidly approaching, now is the time to start thinking about your taxes. Whether you’re a business owner or an individual taxpayer, there are some things you can do to minimize your tax liability and maximize your refund. Here are a few year-end tax planning tips to keep in mind:… Continue reading 5 Year-End Tax Planning Tips