With running a business we all hope to have as little expenses as possible. However, when it comes to tax returns, expenses help. If you aren’t reporting business expenses, you’re being taxed on total income earned from your business. If you report expenses, you are only taxed on the net income. Net income is: IncomeContinue reading “HOW EXPENSES HELP”
Author Archives: tamaraknowstaxes
PAYROLL TAX PENALTY
You can be held personally liable for the payroll taxes you didn’t pay!
WHY FILING TAXES IS SO IMPORTANT
If you are thinking of not filing a tax return, you should think again. You may think you’re sticking it to the man, but you’re really sticking it to yourself.
$1.4B UNCLAIMED REFUND
According to the IRS about 1.2 million taxpayers did not file a return since 2015. As a result, there is almost $1.4 billion in unpaid refunds. So if you think you should not file, maybe you should think again. There may be money waiting for you.
4 WAYS TO AVOID LOSING EVERYTHING
As a business owner, you need to protect yourself from personal liability. If your client sues you for any reason, you could be found at fault. If this happens, they can come after you home, car, as well as any money saved for retirement. One of the ways to prevent this is to structure yourContinue reading “4 WAYS TO AVOID LOSING EVERYTHING”