IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined.
How to Survive an IRS Audit
Tag: deductions
Tax Limits for Businesses Increase for 2023
A number of tax limits that affect businesses are annually indexed for inflation, and many have increased for 2022.
Small Business Recordkeeping is the Key to Tax Deductions and Painless Audits
If you own a business or are beginning one, you already know how important it is to keep track of your income and expenses. You must keep meticulous records of your costs in order to claim all of the tax deductions you are eligible for. You also want to ensure that you can defend the
What are the Itemized Deductions for 2021?
Depending on their filing status, taxpayers can choose itemized deductions for 2021 or take the standard deduction. Here are some tips.
What Type of Expenses can you Write Off?
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can write off office supplies and certain other expenses.