If you do find yourself facing a tax auditor and can not produce the records that are needed to substantiate your claim, chances are good that the auditor will just guess at what it should be. In most cases, the auditor legally is allowed to guess and what your income and expenses are if you [...]
Other than a traffic ticket, the most common fear in America is the dreaded IRS tax audit. It brings to mind the threat of harassment, penalties or even jail time. Do not fear though, only 2% of all tax returns are ever audited at all. And what if the IRS audits you? Keep your cool [...]
It happened. You got notice of the audit that the IRS wants to do on your small business claims. What do you do now? Before you begin to panic, you should take the time to gather your thoughts and your receipts. If you did what you need to do, then this should be easy to [...]
There are two ways that you can deduct your expenses related to your car: the standard mileage method or the actual expense method. Most go with the standard mileage method because it is easier to do (you simply take a specific per mile deduction based on the miles driven.) Yet, you can deduct more if [...]
The key to staying out of the IRS’s grasp and still using your entertainment business expenses to your best interests is to be organized about them. When the IRS begins to look at the expenses related to your business that you have written off, entertainment is one of the most likely targets they will hit [...]
Did you know that if you host a picnic for your employees and their families that the IRS will pick up the tab in the way of a business tax deduction? Entertainment costs for your business are tax deductible. Most of these expenses come in the form of 50 percent. For example, if you take [...]