Every year on Tax Day, people who have procrastinated ask this question. What is the big deal if I donβt file my taxes on time? What will happen if I donβt file or if I donβt file an extension? Whatβs the worst that could happen? Are you getting a refund? If youβre getting a refund, …
6 Critical Components of Indisputable Documentation for Home Business Owners
Home business owners shudder at the sound of the word βAuditβ. Collectively, we should. Why? When it comes to being audited, we are often ill-prepared, or not prepared at all. Letβs clear up some myths. While home business owners are 3 times more likely to get audited, than W-2 wage-earners, we are no more likely …
6 Smarter Things To Do With Your Tax Refund
Every year from January through April, there are tons of commercials that give you suggestions of what you can do with your tax refund. Have you ever wondered why? Retailers and businesses of all sorts know that a good segment of the population is coming into that once per year βwindfallβ, and they want to …
The Quick and Dirty on IRS Audits
If there is an βAβ word that strikes fear in the normal human being, itβs βAuditβ. The official definition of an audit is: Β an official inspection of an individual’s or organization’s accounts to ensure the taxpayers are complying with tax laws and reporting the correct amount of tax, income, and expenses. The real definition, to …