We run across a lot of clients that do not keep track of their IRS business miles. It can be a pain to record your IRS business miles. However, not having sufficient records for your IRS business miles will cause more headaches down the road if you are audited by the IRS. Use one of the following 4 methods to satisfy the IRS record keeping requirements for IRS business miles.
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IRS Charitable Contributions Recordkeeping Tax Rules
Donating to charitable causes is a good thing. You are helping others in need. For your generosity, the IRS allows you to claim a tax deduction. If you donate to charities, you should understand the basic record keeping rules for claiming a tax deduction.
IRS Itemized Deductions – Get Prepared
Joy to the world, tax time is just around the corner. I know you are excited. Ok, probably not. We CPAs and accountants are a unique breed. We get excited to work every day and night for three months straight to get everyone’s tax returns filed on time. Filing taxes is a necessary evil. It is best to prepare for tax time by reviewing your itemized deductions in December. You may be able to gather additional deductions before the year ends. Review this list of IRS itemize deductions.
Business Tax Resource
Business Tax Resource
Starting a new business or own a small business? Do you know what you can write-off? The IRS offers guidance that every business owner should read once.
Independent Contractor versus Employee – How to Classify
It is additional work and more expensive to maintain a staff of employees compared to hiring independent contractors. But there are strict rules on determining a workers status. The courts analyze 7 factors to determine the classification of workers. The 7 factors are used to determine the degree of control and independence.
Independent Contractor versus Employee – Cost Differences
We reviewed the different filing requirements for treating workers as independent contractors compared to employees. Next we will review the cost differences between the two classifications. Continue reading…
Independent Contractor versus Employee – Filing Requirements
A common decision to be made for small businesses is whether to treat workers as employees or independent contractors. There are both legal and tax considerations for the treatment chosen. We will review the tax considerations for treating workers as independent contractors versus employees.
Claim Significant Other as Dependent to File Head of Household
There are tax advantages for filing head of household compared to filing single. Can you file head of household by claiming your significant other, such as boyfriend or girlfriend, as a dependent?
Claiming Exemption for Spouse on Married Filing Separate Return
You may decided to file married filing separate because you do not want your spouse to be responsible for your taxes. If you do decide to file married filing separate, are you allowed an exemption for your spouse?
Basic Rules for Paying Estimated Taxes
This is topic no one really wants to discuss because most people dislike paying the IRS on a quarterly basis. Who wants to take money from their earnings to pay Uncle Sam? To date, we have not found anyone that enjoys this process. But it is a necessary evil. Failing to pay estimates can lead to large tax bill at the end of the year including a significant amount of penalties. This blog reviews the basic rules for paying estimated taxes. Continue reading…