Year-end tax tips can help save you a lot of headache next tax season. If you struggle with tax filing, you’re not alone. Every year, as many as 33% of Americans file their taxes late. Some just forget, others struggle to get things together in time because they left it to the last minute, and others are scrambling to make sure they have everything they need to keep their bill low. It’s not too late to make sure you have…
What’s the goal of every business? To make a profit, of course! A business can generate more profit by increasing revenue, managing or reducing expenses, and optimizing tax deductions. These are our recommended best and worst practices for monitoring and deducting business expenses: Understanding Business Expenses Expenses are the costs that a company incurs in the process of generating revenue. Importantly, businesses can take properly recorded tax deductions on their income tax returns, provided that the deductions meet IRS guidelines. Deductions fall in three…
As a small business owner with a lot on your plate, the last thing you need is to make any tax filing mistakes that could bring the IRS to your doorstep. Often getting audited by the IRS isn’t always the result of intentional acts. Here are five of the most common tax filing mistakes that are likely to get you a dreaded letter from the IRS asking for more information: 1. Under-Reporting Income Whether you are a freelancer, a brick-and-mortar…
With a brand new year upon us, getting your company in shape for success begins with cash flow. For any business offering seasonal services, such as construction, home remodeling, or landscaping, work slows down during the cold months. This makes cash flow planning especially important. If you don’t have a positive cash flow, you will have difficulty financing your operations, paying your vendors, or meeting your payroll when business starts to slow down. The Importance of a Cash Flow Statement…
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