Finding the Top Audit Firms for Your Business
Have you tried to get a loan for your business and the bank had the nerve to question the validity of your financial statements? Are you in need of an external audit for your business? All because someone had the nerve to question the validity of your financial statements. Don’t take it personally. It’s a […]
HSA Audit Warning Signs and How to Stop Them
Opening a letter from the internal revenue service is an instant headache. Usually, it’s a Notice CP2000, the standard automated letter the IRS sends when their computers think you forgot to report your hsa distributions on your tax return. These unexpected notices can be extremely stressfull, especially if you assumed your tax professional handled everything […]
What Negative Balances Are Telling You: Bookkeeping Red Flags
Ask any tax pro what keeps them up at night, and they’ll tell you it’s a client handing over books riddled with negative accounts. Your bookkeeping isn’t just a chore you check off to survive your tax return. Accurate financial records track daily operations, spot trends, and measure actual cash flow. Most small business owners […]
How to Write Off Your Trip Legally
Don’t assume you can just slap a business trip label on your next family vacation and call it a day. The Internal Revenue Service does not play that game. If you ever face an audit, they will comb through your travel expense records looking for hard proof that your trip was primarily for business purposes. […]
How to Write Off a Car for Business: Mileage vs. Actual Expenses
You are leaving serious money on the table every time you drive for work if you don’t write off a car used for your daily operations. Driving to meet clients, picking up supplies, or heading to job sites all count as valuable business purposes. Knowing exactly how to write off a car for business is […]
Understanding Unreimbursed Partnership and Business Expenses
As a partner in an LLC or LLP, you’ve probably paid for business expenses out of your own pocket. Fortunately, you are still able to deduct these. However, the IRS treats these dollars very differently than if you were an S-Corp owner or a standard employee. These out-of-pocket costs are known as Unreimbursed Partnership Expenses […]