MindingYourBusiness$$$$

I am a tax professional that owns and run an Accounting Franchise specializing in small business. The purpose of the Blog is to help the small businesses that are too big for the H&R Block type tax services but to small for the major accounting firms. Most businesses fail because of poor or no business plan and little or no tax knowledge. So it is my mission to bridge the gap. I believe the more successful businesses we have the better our economy will be. Thank you for allowing me to share.

23 October 2012

3 Ways to keep the IRS away.

IRS Proof your taxes with 3 simple actions.

Don't commingle your funds – Make sure your business account and personal account are separate. This makes it easier to keep track of your expenses and income. And it will also allow you to keep track with how your business is doing. And this will allow you to better evaluate your business productivity.

Report all your 1099 income with your tax return. The IRS has computers that keep better track of the reported 1099s so it is very important that all of your 1099 income is reported. If not then you will be audited.

Keep good records: You might think this just helps in an audit. However, good record keeping can avoid IRS problems to begin with. Most audits are correspondence audits done by mail. Having good records may well avoid the more intensive in-person audits.

3 simple solutions can keep the IRS away.

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Unknown24 October, 2012
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