Every so often, it pays to update your tax withholding code to avoid owing a big tax bill at year’s end. Otherwise, you are essentially loaning the government your hard-earned money at zero interest. Especially if you’ve gotten married or had a baby in the last year, consider updating your information with the IRS today.
Small restaurants, if they last any length of time, are always super busy preparing and serving meals, pouring drinks and cleaning up the mess. With customers continually coming in and out, a small restaurant owner’s time is at a premium. But when it comes to accounting a restaurant shouldn’t skimp. Our helpful hints for keeping accounting records for a small restaurant detail the right way to keep track of your books.
Businesses and individuals begrudgingly pay interest, because it appears little is to be gained. This is not entirely true. Interest expense, in certain cases, is tax-deductible.
It’s a common misconception that the IRS has the power to audit anything or anyone at any time. By law, the IRS audit statute of limitations expires after three years. However, certain important exceptions you should know about can extend that audit window indefinitely.
Why put off to tomorrow what you can have today? A high tax refund at year’s end can be a poor choice for many, because inflation devalues a government refund of your own money. Aside from the threat of scams, there are four main reasons to beware of high tax refunds.
Like old wives tales, IRS audit myths, often with little basis in reality, have been handed down through generations of American taxpayers.
Everyone dreams of paying no taxes (or claiming a significant sum of cash in the form of deductions), but filing taxes is rarely as enjoyable as Christmas. That becomes especially true when an IRS agent comes knocking at your door and accuses you of tax evasion. Listed below are a few techniques that you can use to avoid key IRS audit triggers with 007-esque stealth.
Construction contractors typically work on different type, size and length contracts. Depending on these variables, recommended contractor accounting methods may differ. Before filing a Federal tax return, construction contractors of any business structure (sole proprietor, partnership or corporation) must choose a method of accounting.
So, why not start with your business tax planning and preparation now?
Each year, about seven percent of tax-paying Americans fall victim to identity theft, the fastest growing crime in the nation. To combat identity theft today, Americans are taught to protect their personal information with a lock-and-key. As a result, many taxpayers fear filing a tax return full of personal data.
Fear not, our tips to combat identity theft will show you there’s little security risk to filing a tax return.
With only 69 days left until the April 15 tax filing deadline, now is the time for independent contractors to begin preparing their returns. Filing taxes can be a daunting task for anyone, but it can be especially challenging for independent contractors. To ease this often stressful process, we suggest following our simple tax tips for independent contractors.