Tag Archives: IRS

Tax Time Tips to Save You Money

Published on March 25, 2013

Caught up in the frenzy of March Madness? Don’t forget it’s also tax season. The filing deadline is just around the corner, and while you can’t escape paying Uncle Sam, you can make sure you don’t pay more than legally required. However, because the tax laws change every year, knowing what you can and can’t write off is confusing to say the least. Some business owners miss perfectly legitimate deductions while others get creative and take more than they should resulting in potential problems down the road.

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Strange Tax Deductions: Don’t Try These in Your Small Business

Published on March 7, 2013

Tax time is stressful for small business owners particularly in light of our complex and changing tax law. Unless you’re a tax expert, it’s difficult to keep up with all the rules and regulations. While small business owners know you can’t get out of paying Uncle Sam, no one wants to pay more than legally required. However, some business owners may get a little too creative when it comes to taking tax deductions.

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Beware of IRS Email Scams

Published on March 3, 2013

Imagine getting an email from the IRS regarding a problem with your personal or business taxes. Definitely could add a little stress to your life to say the least. Well, don’t be alarmed or fooled by these official looking emails. Scammers are using the IRS logo to send official looking emails to you to try to get you to respond. In reality, it’s a scam known as “phishing.” The cyber criminals attempt to trick you into revealing your personal and financial information, and then they use this information to commit identity theft or steal your money.

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Don’t Miss Upcoming W-2 and 1099 Deadlines

Published on January 24, 2013

If you have employees and/or you worked with independent contractors last year, you have until January 31, 2013 to issue W-2 and 1099 forms. That’s a deadline you don’t want to miss. The IRS closely monitors W-2 and 1099 returns to ensure accuracy and compliance, and the agency is strictly enforcing penalties for those who don’t comply. A little procrastination could hit your bank account hard. Should you fail to file or file inaccurate information, the penalties are more severe. For small businesses — companies with gross revenues of under $5 million the past three years — the maximum failure-to-file penalty is $500,000. You can find additional information and assistance via the IRS website.

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IRS Makes Home-Office Deduction Easier to Use

Published on January 20, 2013

Fifty-two percent of small businesses in the U.S. are home-based. However, the home office deduction is rarely used by these entrepreneurs. I’ve personally recommended business owners shy away from it because the experts say it’s a red flag for an audit and who wants to be audited? Here’s the issue.

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Top Ten Tax Deductions Small Businesses Should Know

Published on March 18, 2012

It’s tax time. Something none of us can avoid. But what we can avoid is paying more than what we rightfully owe to Uncle Sam. Here ten tax deductions for small businesses that you may overlook. Make sure you review them before you submit your filing this year. And it’s always smart to double check with a professional

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