Why And How Long To Keep Business Records For Tax Purposes?


For many new small business entrepreneurs, the first year is actually the hardest. First, you need to decide what form of business you actually want, then there’s extensive business record keeping. Bad record-keeping can be a big pitfall if you are a small business owner. You can avoid headach...

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Few Tax Preparation Mistakes To Avoid In 2020


Do you know your business’s cash flow takes a hit when you owe IRS money? In such a case, avoiding a tax debt can be really simple like knowing when and how to file the small business tax return. Also, by knowing what business tax mistakes to avoid, you can prevent having to pay the IRS money ...

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What Are The Types Of IRS Tax Agreements And Plans?


Owing money to the IRS is common for every working individual across the US. However, several affected individuals aren’t aware of the IRS payment options available to them. The IRS has set up payment options that can be applied to people in various financial situations. This is established th...

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Is Financial Planning Important For Small Business?


Want to build a business that will last well into the future? The secret is sound is proper finance planning. Financial analysis and planning allow would-be business owners to look at several things before starting the company, including current funding, initial costs, potential funding sources, the...

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What Does The Bookkeeper Do For Your Business?


Whether you sell enterprise software or legal advice, there are things the best bookkeeper guarantees about your business: you earn money and you spend it. Bookkeepers are the professionals who help you keep track of all that. If you have been focused on getting the business off the ground, you may ...

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Why Should You Keep Business And Personal Account Separate?


Small business owners should operate in a business to realize the tax breaks at their disposal. For example, if you meet the requirements, you can deduct necessary and ordinary business expenses. But business owners often find themselves in tax trouble when they mix business with personal matters. T...

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How to Respond to A Letter or Notice from the IRS?


The letter one expects from the IRS is a refund cheque. However, it doesn’t happen in most cases, and the letter you get from IRS often relates to the tax return. Over here, the point of discussion is how to respond IRS letters. IRS communicates directly with the person they believe ...

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Year-End Tax Planning Hacks for The Small Business Owner In 2019


Taxes for small businesses can be confusing. Several questions are there roams around the mind. Confusion is not an unnatural thing. Few Questions comes to the mind such as: How much do I pay? Why do I have to pay this amount? How can I reduce taxable income? However, it is better to do ...

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How Much Do You Need to Pay To The IRS?


When you do not file proper tax returns or when you file an inaccurate return , you have a tax debt. However, figuring out if you owe IRS money or how much you owe can be a challenge. The tax code gets complicated, and it changes each year. Depending on the situation, you may need to find answers to...

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How to Choose Which Type of Business Entity Will Suit You?


Million things one needs to keep in mind while starting a business. The owner needs to handle things like, raising funds, hiring staffs, fabricating marketing strategies, paying salaries, etc. However, before all these, you need to know the type of business entity structures and what is entity forma...

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