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Taxes Tag

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Could Your Books Withstand A Tax Audit?

Tax audits can be time-consuming, taxing, and possibly expensive. Small business proprietors who might be navigating complex tax policies for the first time or who work in businesses such as restaurants where errors are easy to make are particularly likely to draw unnecessary attention for the IRS.

An audit doesn’t need to be a painful, endless, and invasive process if you follow these tips.

here is a guide to filing an amended tax return with the irs

Taxes, The Sharing Economy and You

If you’ve ever used–or provided services for– Uber, Lyft, Airbnb, Etsy, Rover or TaskRabbit, then you’re a member of the sharing economy; and it could affect your taxes. But, there is good news: if you’ve only used these services (not provided them), then there’s no need to worry about the tax implications.

However, if you’ve rented out a spare room in your house – through a company like Airbnb, then you need to be aware of the tax consequences. You may not realize that the extra income you’re making could impact your taxable income–especially if you have a full-time job with an employer.

the taxpayer advocate service is provided by the irs. There may be times, however, taxpayers may get fake calls impersonating the taxpayer advocate service, or any other irs entitty. here's what you can do - when things like this happen.

Is it Possible to Get Fake Calls from the Taxpayer Advocate Service?

Like clockwork, every year, there’s a new twist on old scams. This year, it is the IRS impersonation phone scam whereby criminals fake calls from the Taxpayer Advocate Service. The TAS is an independent organization within the IRS that help protect your taxpayer rights. TAS can help if you need assistance resolving an IRS problem, if your problem is causing financial difficulty, or if you believe an IRS system or procedure isn’t working as it should.

Typically, a taxpayer would contact TAS for help first, and only then would TAS reach out to the taxpayer. TAS does not initiate calls to taxpayers out of the blue.

the ualified small busienss stock exclusion is sometimes referred to as section 1202. the exclusion of 100% of the gain on the sale or exchange of qualified small business stock acquired after semptember 27 2010 held longer than five years.

What are Tax Breaks I Should Know About, But Don’t?

As the driving force in today’s economy, small businesses benefit from numerous tax breaks in the tax code. One of these, the Qualified Small Business Stock (QSBS), was made permanent by the PATH Act (Protecting Americans from Tax Hikes Act of 2015). If you’re a small business investor, here’s what you need to know about this often-overlooked tax break.

 

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