It’s a major fear for most Americans: A notice from the Internal Revenue Service (IRS) summoning you for an audit.
What is it about these three letters that strikes a cord of fear in Americans’ hearts? Learning the signs that could put your tax return at the top of the list for an audit, and avoiding […]
The knock on the door from a Tax Inspector is something that every taxpayer fears. Your immediate thoughts will be "Have I been honest with my tax returns or not". So what do you do? First, don’t panic. Second, sit down and work out your next steps so you can win any tax investigation.
Here are […]
“Deducting Meals and Entertainment”
O.K. You’ve been working really hard on these lessons. Now its time for some fun. Are you with me? Imagine if you could spend time with friends, eating, drinking and seeing shows and your company could foot the bill? Wouldn’t that be GREAT! Fasten your seat belt, we’re going on a (tax-deductible) […]
Self-assessment relies on taxpayers voluntarily meeting their tax obligations. This concept is recognised in all tax statutes, which sets out taxpayers’ primary obligations, and clearly spells out that taxpayers are required to determine the amount of tax payable correctly and to pay it on time.
Disclosure in this context serves two main purposes. First, it is […]
Deducting Your Auto Expenses
Auto deductions are a very complex topic. So, to clarify, we are not going to attempt to cover all of the intricacies of the subject. Instead, we will cover some of the most-used provisions and provide you with a better understanding of some of the associated issues.
In keeping with one of our […]
For many business owners the answer to this quandary is tax preparation software. Fill out a fairly simple interview, click "print" and out comes a completed return that will pass muster with the IRS. The answer to all your problems?or is it?
Can One Software Program Cover All Businesses?
Take a moment to consider the wide range […]
