Track IRS Business Miles

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 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.

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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.

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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.

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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…