Image via Wikipedia There are news and horror stories about how the IRS is conducting more tax audits on business than ever before. While there is no exact way to avoid a business tax audit there are a few things you can do to make sure you are in good standing with the IRS and hopefully avoid the dread audit. Here's a look at some things you can do as a business owner to make sure you are in good standing with the IRS. File Your Taxes on Time or Early Filing your taxes late is a sure sign that you will be audited. If you are trying to avoid getting audited make sure that you file … [Read more...]
Self-Employed Health Insurance Deduction or Adjustment
Image by 427 via Flickr Self-employed taxpayers who pay the medical premiums for themselves and their families may have the choice between reporting those expenses as an adjustment to income on line 29 of the 1040, or by reporting them on Schedule A as an itemized adjustment subject to a 7.5% floor. If the business turned a profit in the tax year, the best place to report the medical premiums is as an adjustment to income. Why? Because it allows you to use more of that medical expense to reduce your taxable income and ultimately the tax you owe to the federal government. The rules … [Read more...]
Analyzing the Benefits of Filing Taxes Online
Everyone will agree with the fact that filling the taxes is like a severe pain in butt. There are many ways to reduce such complications and perhaps filling taxes online is one of the easiest ways. The benefits of filing the taxes online have several advantages which can be elaborated as follows: http://www.evergreentaxprep.com/images/online-tax-filing.jpg It will save your precious time as well as money. While filing the taxes online, you just need to pay the nominal charges that an agent will ask for. Even in the best case scenario, there are several free options available … [Read more...]
Benefits of Filing Taxes Online
How great is it to electronically file your income taxes? Would it not just be easier to send in your form 1040v along with a check for your estimates, and then just send in another check with your 1040 in April (or expect a check after you just send in your form)? Of course it would not be easier. Not to mention the fact that it would be more expensive to do that, and it would also be a whole lot slower than the simple process of efiling. The benefit you will get when you file your taxes online is that you almost can't screw it up. As long as the information you enter is accurate, it would … [Read more...]