In the world of accounting, a question that frequently crosses the minds of business owners is: ”What expenses can I deduct?” This question is entirely justified because accountants seldom encounter clients who willingly want to pay more taxes than necessary. It’s crucial to understand that the deductibility of expenses directly impacts a business’s profitability, and profitability, [...]
Now that the April 18th tax deadline has passed, individual taxpayers need to understand the penalties and interest that can accrue if the tax amount due was not paid by the tax deadline. There are three different penalties the IRS can assess for not paying your taxes and filing your tax return by the April 18th [...]
Hey, Abe! I have been gathering my expenses for the upcoming tax year, but I am getting all turned around when I try to ensure that everything is included. Where do I need to start with expenses, and what all factors in to the business?Tax season can be a stressful time as a business owner. Fortunately, [...]
