It is that time of year again. The tax man has come and gone. For those of us that owe the IRS, we have been left a little poorer for the visit. If you are an individual or small business owner and find yourself indebted to the Internal Revenue Service, we have some tax debt tips that may help your situation.
For most of us here in the United States, the clock is ticking – April is right around the corner and the taxman is knocking at our doors. If you do not have a relationship with a good tax professional or certified public account (CPA), now is the time to begin your search. This is true for business owners, too, who need help with their small business accounting and financing issues year-round as well.
In this quick blog post, we are going to seek to answer the age old question: what are tax deductions. We will be covering this from both a personal and a small business owner (SBO) perspective, with an emphasis on small business tax deductions. We will also discuss the difference between business and capital expenses, and tips on how to avoid a tax audit by the IRS.