Are you an entrepreneur and ever wanted to ask someone about tax deductions but were to scared to ask? Well, no reason to ask the Tax Deduction 101 course is here. Before getting into tax deductions one must ask if it makes tax sense to own a business. Does it, indeed, make sense? Tax Advantages...
Category: Tax Strategy
Is bookkeeping important for the IRS? Ask the auditor when he or she knocks on your door. Yes.
Why should I keep records? Good records will help you monitor the progress of your business, prepare your financial statements, identify sources of income, keep track of deductible expenses, keep track of your basis in property, prepare your tax returns, and support items reported on your tax returns. What kinds of records should I keep?...
Top 10 Tax Tips from the IRS for 2024
Even with the best intentions, filing taxes often becomes an event that is put off until the very last minute. Tax laws can be confusing, leaving many unsure of what they may deduct and how they should file. However, according to the Internal Revenue Service (IRS),1 the process can be simpler than you may think....