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2018 – 07/23 – Business deductions for meal, vehicle and travel expenses: Document, document, document
- August 10, 2018
- Posted by: kennycpa
- Category: Accounting
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Some common deductions for businesses are meal (generally 50%), vehicle and travel expenses. Deductibility depends on a variety of factors, but proper documentation is one of the most critical. Following some simple steps can help ensure your deductions will pass muster with the IRS. First, keep receipts, canceled checks or similar documentation. Also, track the
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Here’s how the IRS contacts taxpayers
- July 20, 2018
- Posted by: kennycpa
- Category: Taxes
Here’s how the IRS contacts taxpayers Everyone should know how the IRS contacts taxpayers. This will help people avoid becoming a victim of scammers who pretend to be from the IRS with a goal of stealing personal information. Here are some facts about how the IRS communicates with taxpayers: The IRS doesn’t normally initiate contact
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2018 – 07/09 – How to avoid getting hit with payroll tax penalties
- July 20, 2018
- Posted by: kennycpa
- Category: Accounting
For small businesses, managing payroll can be one of the most arduous tasks. A crucial aspect is withholding and remitting to the federal government the appropriate income and employment taxes. If your business doesn’t, you, personally, as the business’s owner, could be considered a “responsible party” and face a 100% penalty. This is true even