Category: Taxes & IRS Audits

This chapter deals with the types of IRS audits—both correspondence and face-to-face—that individuals and small business owners are most likely to face.

The key to maximizing your tax savings is knowing the best ways to deduct business operating expenses to produce the very lowest taxable income. First, you’ll need to learn about deductible business expenses to understand how your business income is taxed. We’ve written about —and provided examples of— a handful of expense types, including the […]

What tax deductions can you take for the money you spend before opening the doors to your new venture? These costs are commonly referred to as start-up costs. The 3 Tax Rules Behind Start-up Costs There are three start-up tax rules to choose from, and one bonus rule. Run the numbers trying each of the […]

Small business owners and self-employed people are always looking for ways to maximize their tax savings. The key to legally cutting your business taxes to the bone is knowing the best ways to deduct business operating expenses to produce the very lowest taxable income. That’s the focus of this article. We’ll complete the picture with […]

Take it from one small business owner to another: Operating a business without the right tax knowledge is like skydiving without a parachute—certain to end in calamity. Many business failures stem from ignoring the record keeping and taxes. Like it or not, the government is always your business partner. Tax knowledge has powerful money-saving potential. […]

Would you like to wipe your tax slate clean at an enormous discount? The IRS has accepted less than 1% of a tax bill and called it even. There is no legal right to ever have a valid tax bill reduced by the IRS. It is entirely a matter of government discretion whether or not […]

In this article, we have collected the 20 most commonly asked questions about tax audits and briefly answered them for your reading pleasure. Explore our tax content to find in-depth information about each question. Frequently Asked Questions Our website is filled with an in-depth discussion regarding specific dealings with the IRS. Sometimes, all one needs […]

The IRS is powerful, but not without limit. After getting over the shock of reading “we have selected your federal income tax return for examination,” look carefully at the year or years on the audit notice. In general, after you file a tax return, the IRS has only three years to begin and end an audit of […]