If you are running a home business, it is important to remember that there are tax deductions for you when tax season rolls around. Of course, you do not want to try to fool the IRS (no one wants to run the risk of being audited!), but you do want to take advantage of those deductions that are rightfully yours.     […]

  According to the Tax Code business expenses must be:       1.) Ordinary or “common” in your given business industry   2.) Necessary for you to run your business   3.) Reasonable or “fair” in your type of business environment       If your business expense meets these requirements then they will qualify for a deduction that will decrease the profits of […]

  This is highly dependent on how comfortable you feel with the task along with understanding the time commitment that would be required to ensure accurate records are being maintained.     It is customary for business owners who are starting out to handle various aspects of their business including the accounting and tax functions. If you are planning on keeping your own books, you […]

  One very important step that new business owners must understand and take is the importance of keeping accurate business records. Many small business owners end up in trouble with the IRS simply because of poorly kept business records. For example, businesses get in trouble with the IRS if they get audited and they cannot prove their business expenses through source documents.       […]