A lot if you try to do it yourself.So many businesses think that bookkeeping, accounting or tax services are expensive. This leads many to think they can do it themselves. Add in the fact that there are numerous desktop and online solutions for these services that are constantly promoted and the illusion that this is a do-it-yourself task is increased. And, yet, those also cost money which can influence one to just avoid it all together. [Read more…]
You have probably heard that a tax return can be changed (amended) if there is a benefit to do so. Many taxpayers believe, however, that this could raise a red flag with the Internal Revenue Service (IRS). And, of course, no one wants to get on their bad side. In this article, we will discuss how to safely amend a tax return. [Read more…]
You have just received a notice in the mail from the Internal Revenue Service (IRS) saying that your taxes are late or have not been filed at all. To make matters worse, the notice says that you not only owe the taxes but they have included penalties and interest as well. Now what? [Read more…]
There is (and always has been) a sort of frenzy about getting a tax refund. The discussion almost always revolves around the refunds individuals look forward to and get after filing their tax return on April 15. But what about small businesses? Can they get a refund the same way individuals can? [Read more…]
The owner of a new small business has many things to think about. Is there enough money in the bank? Where will the customers come from? And so on. One of the most important items a small business owner needs to address, especially a new one, is making sure that taxes are taken care of. Failure to comply with all the rules and regulations can be just as devastating as running out of money—and that may very well be the reason a business runs out of money. That’s why an experienced tax accountant can be a valuable asset for new business owners. [Read more…]