by Wayne Belisle | Apr 21, 2025 | Surviving an IRS Audit Series
There’s a scary question I often get asked whenever tax season rolls around: “I received cash, and I don’t really have to report that, do I?” Wrong. If you received any cash throughout the year, regardless of the amount, it’s considered income, and you are required to...
by | Dec 13, 2017 | Accounting & Bookkeeping, Income Taxes, Small Business Owners, Surviving an IRS Audit Series
No one likes to get a letter from the IRS stating that you are being audited. The good news is, that there are less than 1% of all people that file income taxes making less than $200,000 that will ever get one of these letters on any given tax year. However, if you...
by | Oct 12, 2017 | Accounting & Bookkeeping, Cost Cutting, Income Taxes, Small Business Owners, Surviving an IRS Audit Series, Tax Tip of The Week
Taxpayers must be prepared to substantiate auto deductions with adequate records or sufficient evidence. Failure to do so will cost you thousands of dollars in increased taxes and/or fees to accountants or tax lawyers if you are audited. Taxpayers should be able to...
by | Aug 30, 2017 | Accounting & Bookkeeping, Other, Personal financial planning, Small Business Owners, Surviving an IRS Audit Series
There are many different situations that can occur in life that are out of your control. Sudden and unexpected medical emergencies and bills, divorce, the loss of a job, or other situations can happen that leave an individual or a couple unable to meet their financial...
by | Jul 17, 2017 | Business Profit & Cash Flow Tips, Business Success Series, Cost Cutting, Income Taxes, Small Business Owners, Small Business Success Series, Surviving an IRS Audit Series
IRS regulations require that every business owner track the business use of their auto. But this can be such a hassle that I can count the number of business owners who do so on one hand. Of course, if you are audited, not having a log can cost you in...
by | Jul 4, 2016 | Accounting & Bookkeeping, Income Taxes, Personal financial planning, Small Business Owners, Surviving an IRS Audit Series
No one likes to get a letter from the IRS stating that you are being audited. The good news is that there are less than 1% of all people that file income taxes making less than $200,000 that will ever get one of these letters on any given tax year. However, if you...
