The prospect of an IRS tax audit is a scary one for the small business owner. It isn’t so much that they’re concerned about having cheated on their taxes; most small business owners are honest and do their best to pay their fair share. What they’re worried about is the possibility of a mistake.

Mistakes do happen when it comes to small business taxes, no matter how careful you are. During the course of an IRS tax audit, you can be pretty sure that the government is going to discover those mistakes, as well. In some cases, even the simplest mistakes can leave you owing hundreds or thousands of dollars in back taxes and penalties.

If your small business is … Read more →

Selling your business can be bittersweet. On one hand, it means that you’ve built up something that’s successful enough someone else is interested in carrying on the legacy. On the other hand, it means the end of an era, the closing of a chapter.

Selling a business also has some implications from the tax perspective. Let’s take a look at some of the tax-related issues surrounding the sale of a business, a checklist to make the best of the deal:

Selling a business is a taxable event. The government is pretty good at recognizing opportunities for tax revenue, and the IRS is fully aware of the implications of trying to play games with your taxes during the transfer … Read more →

Starting a new business is an exciting time. You’ve stepped up, taken a risk, and are pursuing a dream. Yet, there are many things that will try to put that dream to an end. From business mistakes that aren’t at all related to your skills in your trade to dramatic market changes, many events can shut your business down before it really even has a chance to be successful.

One of the biggest areas in which new business owners tend to find themselves frustrated is with taxes. You need to have a handle on what opening a business is going to do to your tax situation and create a plan to make the most of it.

Here are some tax … Read more →

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