How can you make yourself less vulnerable to being audited? By Carey Lampel, LLM EBS Consulting, Inc It’s always a good idea to work closely with a CPA, tax attorney, financial planner, or all three, to make sure you’re taking every allowed deduction and avoiding potential audit risk. Here are some suggestions from CPAs and tax gurus who work with small businesses and other financial advisors. 1. You need your tax team to make sure you avoid an audit or, when an audit appointment is
Small Business Expenses and Tax Deductions The following article discusses small business expenses in addition to the two tax deductions, business expense deductions and capital expense deductions. Guidance for the Self-Employed and Sole Proprietors There are two basic tax concepts new business owners need to add to their vocabulary: business expenses and capital expenses. Business expenses Business expenses are the cost of conducting a trade or business. These expenses ar
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