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Five IRS Audit Mistakes To Avoid

Building Savvy

Five IRS Audit Mistakes To Avoid
The IRS audits about 1 million taxpayers each year. While the agency is understaffed, that doesn’t mean you’ll slip through the cracks. IRS software automates the selection process now by flagging returns that show abnormalities: Perhaps the return deviates from what’s normally filed, or it’s been linked to a family member, investor, or business partner who is being audited. Also, the more money you make, the more likely you are to be audited.

5 IRS Audit Mistakes to Avoid

Shavano Living

5 IRS Audit Mistakes to Avoid
The IRS audits about one million taxpayers each year. While the agency is understaffed, that doesn’t mean you’ll slip through the cracks. IRS software automates the selection process now by flagging returns that show abnormalities: Perhaps the return deviates from what’s normally filed, or it’s been linked to a family member, investor, or business partner who is being audited. Also, the more money you make, the more likely you are to be audited.

Your 3 Types of Taxed Income

  • 27 August 2019
  • Author: Cari Holbrook
  • Number of views: 311
  • 0 Comments
Your 3 Types of Taxed Income

Taxes are fickle. One classification misunderstanding and the IRS could blindside you with a tax or a tax rate you weren’t expecting. Small business owners are especially vulnerable since their personal and business assets can be uncomfortably intertwined. The key to tax savings is in understanding three main types of taxed income and how the money you make (or lose) should be classified. 


Taxability of Employee Snacks Versus Meals

  • 20 August 2019
  • Author: Cari Holbrook
  • Number of views: 577
  • 0 Comments
Taxability of Employee Snacks Versus Meals

Here’s something to chew on: The IRS continues to clarify its position on deducting the cost of free food provided to employees. This time, office snacks get a delicious boost while other meals lose their deductibility entirely.

The Downside To Overworking

  • 13 August 2019
  • Author: Cari Holbrook
  • Number of views: 328
  • 0 Comments
The Downside To Overworking

Always working? New research shows a startling downside for being overly “productive.” It doesn’t work, and it can actually shorten your life.

Monsanto Settlements: The IRS is the Biggest Winner

  • 8 August 2019
  • Author: Cari Holbrook
  • Number of views: 284
  • 0 Comments
Monsanto Settlements:  The IRS is the Biggest Winner

The bizarre Trump tax law that kills tax deductions on legal fees means Monsanto plaintiffs walk away with much less than they hoped, as they are double-taxed on legal fees. And the IRS? It could score billions of dollars.  

Small Contractor Tax Relief: Do You Qualify?

Building Savvy

Small Contractor Tax Relief: Do You Qualify?
If you’re a small business contractor with annual gross receipts averaging $25 million or less in the past three-year period, the recent tax changes may have given you a valuable leg up. The small contractor exemption threshold has increased for the first time since 1986, allowing more building contractors to pick the accounting option that works best for certain long-term contracts, inventory expenses, and other capitalized costs.

Employee Theft Could End Your Business

  • 23 July 2019
  • Author: Cari Holbrook
  • Number of views: 331
  • 0 Comments
Employee Theft Could End Your Business

Fraud is all around us these days, but it’s not just strangers who find us vulnerable. Your own employees could be stealing from you. The problem can be especially devastating for small business owners, who surprisingly tend to lose the most.


Tom Petty's Estate Is Free Fallin'

  • 16 July 2019
  • Author: Cari Holbrook
  • Number of views: 349
  • 0 Comments
Tom Petty's Estate Is Free Fallin'

There’s no doubt the late, great rock star Tom Petty thought he had his legacy all wrapped up in a neat package before he passed away. Like too many before him, he was wrong.


Work During Vacation Could Pay Off

  • 9 July 2019
  • Author: Cari Holbrook
  • Number of views: 301
  • 0 Comments
Work During Vacation Could Pay Off

Mixing business with pleasure while traveling this summer? Some of it might be tax deductible, but the rules are tricky. Your ability to deduct travel expenses depends on this criteria:

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