Are your payroll taxes being stolen by an employee? Don’t think it can’t happen to you! Embezzlement is a huge problem that hits small businesses hard in two ways: You’re out the money that was stolen You still have to pay the money you owe the IRS! What can you do to avoid this painful kind of double jeopardy? Easy. Take a moment before trouble starts and read my … [Read more...]
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Don’t cheat yourself out of business-entertainment deductions
The IRS takes plenty of your money. So why give them even more than they’re entitled to? And you may be doing just that. You see, Uncle Sam’s business-entertainment tax-deduction rules can mislead you into cheating yourself out of totally legitimate entertainment deductions. Want to make sure that you’re taking every penny of every tax deduction you’re entitled to? Then … [Read more...]
Avoid a fatal mistake with independent contractors
If you’re using independent contractors who are paid on a 1099, be careful. Be very careful. You see, if you don’t handle things exactly right, the IRS may decide that your independent contractors are actually W-2 employees. Which can open a large can of worms. If you want to play it safe and make sure that your independent contractors stay independent, don’t miss my new … [Read more...]
How to switch from IRS mileage to actual expenses
Are you getting the most out of your business-vehicle deductions? If you’re using the IRS standard “mileage-rate” method, have you ever wondered what you need to do to switch to the actual expense method? I’ll show how to make that switch the right way when you read my new article titled Tax Tips: You Can Switch from the IRS Mileage Rate to the Actual-Expense Method. Three … [Read more...]
Is your offshore account on the IRS’s hit list?
Let’s face it. The IRS is not a big fan of offshore and foreign bank accounts. Which is putting it mildly. In fact, if you’re an American with an offshore account, you are at the top of the IRS’s hit list. And you really can’t blame the IRS for their concerns. Offshore and foreign bank accounts are often used to hide drug and terrorism money, launder money, and evade … [Read more...]