For all taxpayers, getting audited by the IRS is a scary process. When an agency with virtually unlimited power wants to know about your finances, it is understandable that people get nervous. The truth is, the majority of audits are done by mail, these are referred to as “correspondence audits”, and they are usually not […]
What Happens at an IRS Audit? Read More »
The case of King v. Burwell provided a scare for residences receiving tax subsidies to help pay for health insurance in 37 states (including Arizona). The case was a challenge to the wording of the Affordable Care Act (AKA Obamacare), which stated that subsidies would only be available in an “exchange established by the state.”
Supreme Court Upholds Tax Subsidies for Federally-Run Exchanges Read More »
For small businesses, it is important to keep accurate and up-to-date books so you always know the financial shape of your company and to ensure you stay in compliance with local, state, and federal tax laws. With that in mind, there are two basic goals of an effective bookkeeping system: Accurately track income and expenses
Tips On Configuring Your Small Business Bookkeeping System Read More »
World Juggling Day is one of those obscure global holidays celebrating the skill of juggling multiple items at once. Perhaps there is a full day dedicated to juggling because most of us do a lot of it in our personal and business lives. Small business owners can especially relate to juggling. Many entrepreneurs wear most,
Juggling Bookkeeping and Running a Small Business Read More »
There is a growing trend among businesses today toward hiring independent contractors rather than employees to perform certain tasks. For certain specialized areas that require greater expertise, hiring a contractor may make sense. However, there are some drawbacks to this option as well. Here are some of the advantages of hiring independent contractors for your
Hiring Employees vs. Independent Contractors for Your Small Business Read More »
For business startups, entity formation is one of the most critical decisions. It is important to choose the right entity so your company can accomplish its goals and minimize tax liability. For many small businesses, the decision often comes down to a limited liability company (LLC) vs a Subchapter S Corporation (S-Corp). The main differences
Should I Form an LLC or Subchapter S Corporation? Read More »
Microsoft Excel and similar spreadsheet programs have been very useful in helping businesses automate many of their processes. The ability to customize a spreadsheet to track specific data provided a low-cost automation option for many small businesses in the late 20th Century. As we move further into the 21st Century, however, the growing complexities of
Dangers of Using Spreadsheets for Financial Accounting Read More »
When entrepreneurs start a business, many give little thought to the professional services they will need to function smoothly. Individuals go into business because they have a great idea and a vision to turn their passion into a profitable enterprise. The challenge is many of them do not have experience with the legalities and tax
Do Small Businesses Need an Accountant? Read More »
2014 was the first year Americans were required to purchase a health insurance policy or pay a fine to the IRS. Many of those that purchased policies from the public exchange received tax subsidies to help pay for them. The challenge is that qualification for the subsidies is based on estimated income; and as it
Affordable Care Act Subsidies Cause Headache for Many Taxpayers Read More »
Many taxpayers believe that after tax season, it is time to take a break from thinking about taxes and look forward to summer vacation. But before you start planning those getaways with family and friends, there are some steps you should take to help put you in a better tax position next year. Also, if
Important Tax Planning Steps Read More »
