by Joan Buchman Miller | Nov 20, 2023 | Accounting, income tax, LLC, S Corporation, tax records
The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners. Rates and brackets If you run your business as a sole proprietorship or pass-through... 
by Joan Buchman Miller | May 30, 2023 | Accounting, tax planning, tax records
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation... 
by Joan Buchman Miller | May 2, 2022 | Accounting, tax planning, tax records
The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that doesn’t match the agency’s records. These CP2100 and CP2100A notices are sent by the IRS twice a year to payers who filed... 
by Joan Buchman Miller | Feb 7, 2022 | Accounting, income tax, tax planning, tax records
If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of your venture. Here are eight important issues to consider: You report income and expenses on Schedule C of Form 1040. The net... 
by Joan Buchman Miller | Jan 31, 2022 | Accounting, tax planning, tax records
If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you should carefully record your expenses in order to claim all of the tax deductions to which you’re entitled. And you want to make... 
by Joan Buchman Miller | Mar 20, 2017 | tax records
How long should you retain your personal income tax records? You may have to produce those tax records if the IRS or a state taxing authority audits your return. In addition, lenders or other parties may require that you produce copies of your tax returns as a...