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Home / Archives for TaxConnections

TaxConnections

Top Tax Write-Offs That Could Get You in Trouble with the IRS

Oct 21, 2014 By TaxConnections

From travel expenses to paying wages to family members, there’s no limit to what people will try to write off at tax time for the sake of their business. But where do you draw the line? Which write-offs you’re trying to write off go too far?

Filed Under: Tax and Accounting Tagged With: Deductions, IRS, Tax Preparation, TaxConnections, Taxes

Good Accounting Habits for Small Business Owners

Sep 25, 2014 By TaxConnections

The biggest headache for small business owners is getting and staying organized. If running your own business sucks up your day, being successful is going to be that much harder for you.

Filed Under: Tax and Accounting Tagged With: Accounting, Organization, TaxConnections, Taxes

Preventing Fraud and Embezzlement

Aug 26, 2014 By TaxConnections

In the past year there have been numerous reports of fraud and embezzlement, mostly involving small businesses. These can be prevented by a few low cost controls.

Filed Under: Risk Management Tagged With: Policies, Risk Management, TaxConnections

Payments to Independent Contractors

Aug 19, 2014 By TaxConnections

Payments to Independent Contractors can be a very grey area within the tax law. Often times I am asked the question, “Should my employees be given a W-2 or Form 1099-MISC for there pay?”

Filed Under: Human Resources Tagged With: Employees, Independent Contractors, IRS, TaxConnections

5 Basic Tax Tips for New Businesses

Aug 12, 2014 By TaxConnections

If you start a business, one key to success is to know about your federal tax obligations. You may need to know not only about income taxes but also about payroll taxes. Here are five basic tax tips that can help get your business off to a good start.

Filed Under: Tax and Accounting Tagged With: Accounting, Getting Started, Starting a Business, TaxConnections, Taxes

Cash Method for Small Businesses

Aug 5, 2014 By TaxConnections

On July 10, 2014, the House Small Business Committee’s Subcommittee on Economic Growth, Tax and Capital Access, held a hearing – Cash Accounting: A Simpler Method for Small Firms? Congressman Tom Rice opened the hearing noting that he is a former tax attorney and CPA.

Filed Under: Tax and Accounting Tagged With: Accounting, Budgeting, Financial Management, TaxConnections

S Corporation Pitfalls to Avoid

Jul 25, 2014 By TaxConnections

When a business operates as a sole proprietorship or as a partnership, there are few legal and tax regulations that must be followed. However, if that business converts to a corporation, a number of things change and the owner(s) must adhere to these new expectations or run the risk of having the corporate form of organization legally disregarded.

Filed Under: Making Your Business Official Tagged With: Mistakes, S Corporation, TaxConnections

An Overview of S-Corporations

Jul 18, 2014 By TaxConnections

The S-corporation is the most popular tax entity in the United States and the number of S-corps is increasing faster than any other type of entity. A for-profit, state-chartered corporation may elect S Corp status.

Filed Under: Making Your Business Official Tagged With: Business Entity, Incorporation, S Corporation, TaxConnections

States Turn to Technology to Narrow the Tax Gap

Jun 26, 2014 By TaxConnections

Each year, the IRS and states alike, estimate the difference between taxes owed and taxes collected. This difference, known as the “tax gap,” has been steadily growing at both the federal and state level over the past several years.

Filed Under: Tax and Accounting Tagged With: IRS, TaxConnections, Taxes, Technology

S Corporation: What Are the Benefits?

May 29, 2014 By TaxConnections

An S Corporation or S Corp is an eligible domestic corporation that has elected to be treated as an S Corporation for tax purposes. S Corporations avoid double taxation on corporate income.

Filed Under: Making Your Business Official Tagged With: Business Entity, Incorporation, Liability, S Corporation, TaxConnections, Taxes

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