In recent years, many owners have been increasingly moving a business to Nevada. There are several reasons for this, but the primary reason is the perception that Nevada has no income tax. While this is true at the individual level, tax requirements affecting...
Clients often ask what vehicle expenses are tax deductible. While this may seem a somewhat complicated aspect of business ownership, this article aims to help clarify the process. The use of a vehicle is often an ordinary and necessary expense of conducting business...
The IRS may audit a tax return for a variety of reasons. Surprisingly, most individuals will never face one, and only the IRS knows for sure how they select a tax return for audit. However, experience shows several reasons the IRS might select a tax return for an...
A taxpayer can receive a notice from any taxing agency. This could be a state agency for income, sales or payroll (including unemployment) matters or, of course, the Internal Revenue Service (IRS) for federal income or payroll tax matters. Here’s what to do if...
An Internal Revenue Service (IRS) audit is usually rare, and the reasons for an audit are not always clear. However, certain factors may cause the IRS to audit a business. Here are six IRS audit red flags a small business should avoid. 6 IRS Audit Red Flags to Avoid...
At some point in time, a business owner has to decide whether to seek help growing their business. They may need employees or independent contractors or both for the business to grow. A business hires an employee to perform a specific task or tasks. So is a...
