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The Worst Thing You Can Do Is To Do Nothing
What happens if April 15th rolls around and you just can't come up with the money to pay your Federal income tax? There are separate penalties for filing late and paying late, and the "failure to file" penalty is much worse than...
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To Pay As Little Tax As Possible, You Have to Plan a Year Ahead
Besides the obvious tax reduction strategies, such as itemizing deductions, there are other steps you can take to lower your tax bill next year. The trick is to plan ahead. If you wait until it's time to file...
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To Avoid Overpaying Income Taxes, Bone Up on These Changes
Nobody likes paying more income tax than necessary. To avoid overpaying, know what you can and can't deduct, even if you use a professional tax preparer. This overview of changes to the 2004 income tax laws covers...
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After you receive an audit notice from the IRS there is nothing you can do to avoid it. However, there are some things you can do to reduce the chances of being chosen in the first place.
The dreaded IRS audit. After you receive an audit notice from the IRS there is nothing...
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There are two accounting methods for recording income and expenses, called the cash and accrual methods. These are two sets of rules for the timing of income and expenses.
A venture's income and expenses must ordinarily be reported in the year in which they occur. (Normally...
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All costs of getting a business started—before commencing operations—are not current expenses but are capital items, including advertising, travel, office supplies, utilities, repairs and employee wages. (IRC § 195.)
Under the tax code, these start-up expenses must be...
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