Accounting

The 5 Most Overlooked Small Business Tax Deductions Entrepreneurs Miss

Business owners get more deductions. It doesn’t matter if you have a big business, a small business or a home-based business. All businesses get business deductions and that means less tax. Before we go into the five most overlooked business deductions, make sure you have followed these three rules for business deductions: 1) Make sure [...]

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How The IRS Can Disallow All of Your Business Deductions

Make no mistake, a business can save you a lot in taxes. I had a client who made $50,000 a year as a middle manager. He lost his job and started a consulting business. He made $50,000 in that first year. Income was the same, but the net result was very different. As a business [...]

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IRS Audit: How to Handle Your First One

There is a moment of panic when you see that envelope. The IRS (or your state) is auditing you. First, take a breath. There are some critical steps you need to take now that will reduce the amount of stress you feel later, but you need to have a cool head, and accurately assess your [...]

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What is Nexus, and Why Should I Care?

There is a cross-border tax grab happening right now and you might not know anything about it until you get the notice that someone’s about to sweep out your bank accounts. The issue is something called nexus. Nexus means connection. If you have a connection with another state, according to that’s state definition of what [...]

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