The word “audit” is one of the things that scares business owners the most. I’ve compiled 10 warning signs for an IRS audit that you should watch out for: Big deductions for meals and travel. If you have minimal business expenses in other areas but are claiming a significant deduction on “meals and travel”, you […]
Category Archives: Taxes
Article Highlights: Employees Self-Employed Individuals Quarterly Payments Underpayment Penalty Safe Harbor Payments Estimated tax payments are not just for the self-employed. They are for anyone whose withholding and tax credits are significantly less than their projected tax liability, and if used properly, can protect a taxpayer from underpayment penalties. Employees who will have income, Social […]
Article Highlights: Extensions Balance-Due Payments Contributions to Roth or Traditional IRAs Individual Refund Claims for the 2018 Tax Year Missing Information As a reminder to those who have not yet filed their 2021 tax returns, April 18, is the due date to either file a return (and pay the taxes owed) or file for an […]
08
Dec
Dec
It seems hard to believe, but the holiday season is almost upon us, and that means that the 2021 tax preparation season will soon follow. With the end of the tax year just around the corner, tax-savvy individuals need to take some time from their busy schedules to review the tax benefit steps they’ve already […]
02
Jul
Jul
Relocating? How to Do It with Taxes in Mind If you’re thinking about moving from your current locale, you’re not alone. Americans are on the move for many different reasons: Remote work is increasingly popular and allows employees to live wherever they have access to WiFi. Tax changes introduced by the 2017 Tax Cuts and […]
08
Jun
Jun
Are you afraid of the IRS? Don’t be. At Precise Books & Tax Solutions, we pride ourselves on providing the best services to help you AVOID making mistakes that can put you on the IRS’s radar. With the ever-increasing complexity of our tax system, it’s normal for many small businesses to make mistakes with bookkeeping […]
16
May
May
First of All, Don’t Panic If You Owe Taxes! At Precise Books & Tax Solutions, we understand the fear of not being able to pay what you owe when the IRS requests it, and we can help. The vast majority of Americans get a tax refund from the IRS each spring, but what if you’re […]
If you answered “yes” to this question… you could be in for some challenges now or in the near future. You might not realize, especially if you are just starting your business, that separating your personal and business finances can help ensure you treat your business like the independent entity it is, while safeguarding your […]