tax help

“I’m sorry, officer. I didn’t know the speed limit was only 25 in a school zone.”

When is the last time that one worked for you? Right. Ignorance of the law is no excuse.

It usually doesn’t fly with the IRS either. Despite this, the tax court issued an opinion suggesting that, in some cases, ignorance can indeed be bliss. Well, maybe not bliss, but it can be a valid excuse—at least to escape certain accuracy-related penalties.

For example, a California couple that botched the tax treatment of the short sale of their former residence was found not liable for accuracy-related penalties. The judge found that the actual basis for the holding was that the IRS “failed to meet the … Read more →

Regardless of whether you are a sole proprietor or the owner of a corporation, you must file taxes. Most people have the typical deductions down. Business owners can deduct their mileage and other auto expenses, office rental, employee wages, and contract labor. But did you know there are a plethora of other things that you may be able to deduct on your taxes? Keep reading to learn about some surprising tax déductions.

Advertising- Any money spent on branding, business cards, signage, advertisements in newspapers or magazines, etc. are fully deductible. This even includes the little candies you give away at your trade show booth.

Gym memberships & Pools – The costs you incur to exercise can be deductible if your … Read more →

As a small business owner, you wear many hats. You’re a salesperson, marketer, manufacturer, delivery driver, manager, and an accountant. Some of those roles you might fit quite nicely; others might take some work. Eventually, a successful small business owner will need to delegate some of those tasks, whether it’s to employees or an outside provider.

One of the areas in which many businesses look for help is taxes. It’s no wonder; the tax code can be complex, and mistakes on your taxes can cost you severe penalties (or at least a higher tax bill than what you ought to owe).

Here are some signs that you might need a tax preparation service Your business deals with inventory or large… Read more →

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