Your chances of being audited are probably lower than you think. A look at the latest IRS statistics for 2016 reveals some interesting and reassuring facts about the risk of an IRS audit. Audits are becoming less common. The number of individual tax returns the IRS audited fell to a 12-year low last year, to …
Category: Tax Tips
The tax code is extremely complex. It is easy to get in trouble with the IRS, but very difficult to get out. Over 98% of the people I represent before the IRS either prepared their own tax return or went to a non-CPA.
This year’s April 18 tax deadline has come and gone, but not everyone has filed a 2016 tax return. Many taxpayers who should file simply do not. Common culprits are older, retired parents, and young adults who are new to tax filing requirements. Here are just a few reasons these taxpayers should consider filing a …
IRS Ignores Extensions! The IRS recently announced that it may “ignore” your extension if you filed “zero tax due” on your extension and later owed tax when you prepared the tax return. Starting in 2015, this office will no longer file “zero extensions” for clients who owed money in 2014 unless you make a reasonable …
One of the first decisions you face as a new business owner is whether or not to incorporate the business. The biggest advantage of incorporating is limitation of your liability. Your responsibility for debts and other liabilities incurred by a corporation is generally limited to the assets of the business. Your personal assets are not …
There is an almost endless list of things to do when you start a new business. Here are some tax tips and ideas to get you started: Write a business plan. Consider location issues. Decide on the legal form of entity for the business. Get necessary licenses. Register with tax authorities. Involve your advisors. Business …
You’re probably getting ready to sort out last year’s financial records and prepare for this year’s record keeping. But what should you keep and what can you throw away? Here are some suggestions. Keep records that directly support income or expense items on your tax return. For income, this includes W-2s, 1099s, and Form K-1s. …
About Katie Rocke
