Most small business owners imagine an IRS audit as a random event, a lottery they hope they never win. The reality is that audits are increasingly data-driven. The IRS receives…
This is one of the most disorienting moments in small business ownership: your revenue is up, your profit and loss shows a positive number, and your bank account is telling…
Most small business owners think about taxes in April. The business owners who consistently pay less think about taxes in October, November, and December, when they can still do something…
One of the most expensive tax decisions a small business owner makes is the one they made at the beginning and then never revisited. Business entity structure directly determines how…
Of all the areas the IRS audits, payroll is one of the most aggressively enforced. Payroll taxes are trust fund taxes: money withheld from employees paychecks that the employer holds…
The home office deduction is one of the most misunderstood deductions in small business tax. Some business owners skip it out of fear. Others claim it incorrectly and create unnecessary…
The IRS does not wait until April to collect what you owe. As a self-employed person or business owner, you are required to pay taxes four times a year. If…
Operating your business as an S-corporation comes with a significant tax advantage. Distributions to shareholders are not subject to self-employment tax. But the IRS has a rule designed to prevent…
I hear this every tax season: I keep my own books. I use the app. And every tax season, I spend the first hour of our meeting cleaning up what…
After 27 years in federal taxation, I can tell you the most expensive tax mistake small business owners make has nothing to do with cheating the IRS.It is paying taxes…