by | Jan 28, 2016 | Accounting & Bookkeeping, Books, Income Taxes, Small Business Owners, Surviving an IRS Audit Series, Tax Tip of The Week
The IRS recently announced the official standard mileage rates for 2016. The mileage rates are: • 54 cents per mile for business use. This is a 3.5 cents per mile decrease from the 2015 business mileage rate. • 19 cents per mile for medical and moving miles driven in...
by | Oct 26, 2015 | Income Taxes, Sales & Marketing, Small Business Owners, Surviving an IRS Audit Series
Nothing gets your blood pressure up like getting an IRS collection letter demanding money! So what should you do if you receive one? First—do not panic! The good news is that in my experience at least half of them are wrong. Many times the IRS...
by | Oct 21, 2015 | Accounting & Bookkeeping, Income Taxes, Personal financial planning, Sales & Marketing, Small Business Owners, Surviving an IRS Audit Series
This is the clean version of my client’s first thoughts when they receive an audit notification. Then, naturally, they start panicking about their return—if it was done correctly, what deductions they took, and what to do now. If this happens to you, first of...
by | Sep 17, 2015 | Accounting & Bookkeeping, Books, Cost Cutting, Current Affairs, Income Taxes, Sales & Marketing, Small Business Owners, Small Business Success Series, Surviving an IRS Audit Series, Tax Tip of The Week
The following article appeared in the July 2015 issue of Small Business Tax Strategies (a publication worth checking out at www.SmallBizTax.net): The IRS has informally indicated that iPads and other tablets will be treated like cell phones when employers provide them...
by | Aug 12, 2013 | Business Profit & Cash Flow Tips, Business Success Series, Cash Flow, Income Taxes, Small Business Owners, Small Business Success Series, Surviving an IRS Audit Series
Over the last few years, IRS auditors have been focusing on charitable contributions. The IRS is always suspicious that taxpayers are inflating their charitable deduction amount (I first wrote about this on my 3/1/12 blog titled IRS Declares War on Charitable...
by | Aug 29, 2011 | Accounting & Bookkeeping, Business Profit & Cash Flow Tips, Business Success Series, Cash Flow, Cost Cutting, Sales & Marketing, Small Business Owners, Surviving an IRS Audit Series
The myth most business owners believe: I can still get the job done, it can wait. Why this myth causes a problem: Just about every week I meet with business owners who have waited too long to address an issue that has now become an emergency! The numbers of...
