If you use your home for business, there are expenses you can deduct on your tax return. The home office deduction is available to both home owners & renters alike. The home must be used by a self-employed individual or an employee who works from home for his employer’s convenience.
CPA’s provide a valuable service. However, you can’t expect them to read your mind, tell you what is wrong with your business, or give you opinions about your business. Some are great business consultants along with their tax knowledge.
If you are wondering whether or not you really need to prepare financial statements when you already know your business is profitable, the answer is definitely yes. You may be convinced that your business is doing fine, but you will need proof for investors, creditors, shareholders, government agencies—and you will also…
Small businesses are more likely to get selected for an IRS audit, because many of them are unfamiliar with business tax rules and often conduct transactions in cash, which leaves more room for errors.
Your odds of facing an indirect tax audit are actually higher than the odds of IRS small business tax audits. That’s because while the IRS audits 2–12% of the tax returns filed with the agency every year, some states audit up to 20% of the business sales tax reports filed each year.
This weekend, more than a few small business owners will be scrambling to pull together the documents and information they need to meet the IRS deadline that’s coming up in just six days. Yes, there’s a tax deadline for quarterly taxes due to most states and the IRS on August 15.
Acquiring knowledge, having fun, and benefiting your business in a single business trip is ideal. Having your travel expenses eligible for tax deduction? That’s even better. If you attend conferences and conventions for your business, the government offers income tax deductions on the expenses that were incurred during the trip.
Small Biz Club is the premier destination for small business owners and entrepreneurs. To succeed in business, you have to constantly learn about new things, evaluate what you’re doing, and look for ways to improve—that’s what we’re here to help you do.