Own a Business? Your Personal Tax Debt Can Impact Your Business

If you own your own business or are a partner in a business with others, your personal tax debt can affect your business if you fail to pay your taxes or own a significant amount of back taxes. Depending on the legal setup of your business, the IRS can seize both cash and assets from your business to resolve the personal tax debt that you owe them. Business Partnerships If you are in a business partnership, your business is not safe from the IRS. [Read More]

Bookkeeping 101: 4 Beneficial Reasons To Hire A Pro

If you own a small business, you should definitely consider hiring a bookkeeping service. While you might not think it is in your budget, you can actually save a lot of money—and time—by delegating your financial tasks to a bookkeeper. In fact, there are many benefits to hiring a professional to complete your books. Here are just four reasons to consider it: 1. Timely Bill Payments Operating a small business is often time-consuming, especially if you are wearing many hats. [Read More]

You Need Professional Help! 3 Reasons To Hire A CPA To Do Your Taxes As A Freelancer

No clock to punch, no boss over your shoulder, no asking for days off--being a freelancer, whether it is a freelance writer, website designer, or otherwise, sure sounds like a dream come true. But when April rolls around and tax time hits, your life as a freelancer may seem anything but dreamy. Being in charge of your own employment means gone are the days of a simple 1040EZ tax return. It will probably just take you one tax-filing season to be driven to one conclusion: you do need professional help (in the form of a CPA, of course). [Read More]

Steps To Take If The IRS Has Audited Your Small Business

Every business owner has a fear in the back of their mind about getting that dreaded certified letter from the IRS or Internal Revenue Service. While it could be related to any tax question or concern, it could also contain an audit request. This means that an IRS agent is specifically honing in on your past or present year corporate tax return. The process can be tedious and you could possibly be fined a significant amount should you have made a mistake on a past return or fail to turn over all of your financial statements. [Read More]