Managing payroll for a growing small business can be a financial nightmare. Not only does it take you away from the important work you do best for your company, but it’s also easy to make mistakes. Compliance and accuracy are critical when it comes to payroll taxes because the government is very unforgiving. The IRS […]
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.
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.
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