9 Tax Audit Consequences for Business Owners

9 Tax Audit Consequences for Business Owners

This post was written by our friends at Larry L. Bertsch, CPA & Associates, a top certified public accountants firm that has been offering quality accounting and tax preparation services to the entire Las Vegas market since 2003. For help with your business accounting and tax prep needs, please contact them to schedule a free consultation by calling (702) 471-7223 or completing this brief form. 

Reporting taxes for your business is usually more complicated than reporting taxes for your personal life. Unfortunately, this means you’re more liable to err in your reporting, which might cause the IRS to slam you with expensive penalties and other consequences you might not have known existed.  

With the help of an experienced tax accountant, however, you may be able to avoid some of the more common and severe consequences if you do overlook something.  Read more

How to Determine and Pay Estimated Quarterly Taxes

How to Determine and Pay Estimated Quarterly Taxes

 

Individuals who work for themselves — freelancers, S corporation shareholders, etc. — make income that isn’t subject to income tax withholding from the IRS or the State of Maryland. However, these people still have to pay income taxes on their earnings.

Unfortunately, every year, millions of these individuals find themselves totally unprepared when they receive their tax bill from Uncle Sam, and many of them wind up paying additional penalties and fees as a result.

The best way to avoid these unpleasant surprises: making estimated quarterly tax payments. Read more

Income Tax Payment Options Explained

Income Tax Payment Options Explained

If you filed your income taxes and discovered that you owe the IRS or the State of Maryland, you have several options when it comes to repayment, even if you can’t pay the entire sum at once. (If you haven’t filed yet, be sure to do so before the April 17 deadline, as failure to do so may result in penalties and interest).

Keep reading to learn more about your tax repayment options. Read more

get ready for tax season

5 Tips to Help You Get Ready for Tax Season

Tax Season Is Right Around the Corner — Start Preparing Now!

With tax season on the horizon, now is the time to begin preparing to file your returns, especially if you haven’t filed in recent years or have a history of tax liabilities.

Regardless of your situation, every year there are certain steps you can take to lighten your load, reduce your stress, and keep your bank account healthy. Follow these five tips to make this a simple and successful tax season. Read more

Simple Tax Deductions for Small Businesses and the Self-Employed

Simple Tax Deductions for Small Businesses and the Self-Employed

Every year, millions of Americans miss out on valuable tax deductions, and perhaps no sector of the population loses bigger than small business owners and self-employed individuals.

According to the Small Business & Entrepreneurial Council, small businesses with fewer than 20 workers and non-employer businesses together make up almost 98% of the businesses in America. This fact shows the enormity of the situation: if 98% of American companies took better advantage of valuable tax deductions, that large sector of the economy could get an enormous infusion of capital and perhaps grow significantly. Read more

small business audits

Is the IRS Targeting Small Businesses for Audits?

Expert Suggest the IRS Is Deliberately Targeting Small Businesses

Small businesses in the United States create more jobs than any other sector in our economy. Yet according to tax data from recent years, businesses with the lowest levels of income ($200,000–$400,000) get audited most frequently.

While the Internal Revenue Service (IRS) tells the public that they keep their small business auditing practices random through a complicated and secret algorithm, many business owners feel that they’re being deliberately targeted for audits, and at least one expert agrees. Read more

S.H. Block Can Help You Manage Your Withholdings and Any Unexpected Taxes Owed

S.H. Block Can Help You Manage Your Withholdings and Any Unexpected Taxes Owed

The number of allowances listed on an employee’s W-4 form determine how much that individual pays in income taxes. It’s an easy and direct system for people with one job who file as single and claim a standard deduction. However, individuals who don’t fit into this “standard” filing category may not be withholding the correct amount. Read more

Discharging Tax Debts in a Bankruptcy

Take Advantage of the IRS’ First-Time Penalty Abatement Policy

What Is the FirstTime Penalty Abatement Policy? 

Depending on your circumstances, you could be eligible for administrative relief from tax penalties under the IRS’ first-time penalty abatement (FTA) policy.  Read more

determining income-type

What Is the Saver’s Tax Credit and How Does It Work?

The current economic and political climate is making it difficult for average Americans and their families to save for retirement. However, retirement savings are a vital element of any good financial plan, and there are special tax incentives for making contributions to a retirement plan.   Read more

IRS Now Contracting With Private Collection Agencies

IRS Now Contracting With Private Collection Agencies

In December 2015, Congress passed the Fixing America’s Surface Transportation (FAST) Act, and it was subsequently signed into law by President Obama.  Read more