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If your return is selected for a closer look, don't panic and don't ignore IRS inquiries.
If you're in the audit majority, you'll fall into the least intrusive category, the correspondence audit. This is the easiest process for both the taxpayer and the IRS. In this case,...
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Did you hear the one about the ostrich? The sperm donor? The dog food?
They're just three of the more ingenious tax deductions that creative Americans have devised over the years to counterpunch the tax collector. A quick Ali shuffle, a feint with the left and an outlandish...
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By signing your 1040 form, you agree to abide by the tax law that holds you responsible for paying your taxes, regardless of who prepares your return. When it comes to collecting on mistakes, innocent or otherwise, the Internal Revenue Service looks for the taxpayer, not the...
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Whether you have one employee or a hundred, you will be way ahead of the game if you get an outside firm to handle your filings and payroll taxes. So, before you do anything else, get yourself a payroll service to take all of the time, hassle, anxiety, and risk out of the...
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Collecting sales taxes
In most states and in many cities, you must collect sales taxes on applicable sales. Generally, sales taxes apply on the sale of just about anything to just about anyone.
Exceptions are sales to resellers, such as wholesalers or retailers, who have...
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In the United States your business, if incorporated, must file and pay federal income taxes, state income taxes in most states, and local income taxes in some areas.
If your business is incorporated, you may elect to become an "S" corporation (formerly known as Sub-Chapter...
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