Business Strategies

We're here to help you resolve your tax problems and put an end to the misery that the IRS can put you through.
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What is deductible can change in any given year. The IRS is constantly revising and updating the tax codes. That is just one of many reasons why retaining the services of an outside accounting for both regular accounting/payroll and taxes is a good idea. Your accountant will be up-to-date on what can and can't be written off, and can help you maximize the potential benefit of your purchases and expenses when you're filing your taxes. Generally, purchases and expenses deemed necessary can be treated as tax deductible.
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Don't Panic. Each notice has specific instructions about what you need to do. There are many reasons why the IRS may send a letter or notice. It typically is about a specific issue on your federal tax return or tax account. A notice may tell you about changes to your account or ask you for more information. It could also tell you that you must make a payment. Keep copies of any notices you receive with your other tax records. For more on this topic visit IRS.gov. Click on the link "Responding to a Notice" at the bottom left of the home page. Also, see Publication 594, The IRS Collection Process. You can get it on IRS.gov or by calling 800-TAX-FORM (800-829-3676).
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Many times, weekly payroll withholdings and other critical tax documentation can be too difficult for a small business. Working with an outside accounting firm makes determining accurate withholding amounts likely the easiest way to perform this task. You can also use certain kinds of payroll and accounting software to determine payroll withholding amounts and to generate end-of-year tax forms for your employees. We outsource payroll specific needs and can make recommendations should you need payroll services.
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The simple answer is, no, you don't need an LLC to start your own business, although you may decide you want one. An LLC, or limited liabilitycompany, provides personal liability protection and a formal business structure, but you can also get those things by forming a corporation or other type of business entity.
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Schedule C is the tax form filed by most sole proprietors. As you can tell from its title, "Profit or Loss From Business," it´s used to report both income and losses. Many times, Schedule C filers are self-employed taxpayers who are just getting their businesses started.
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For most companies, investing in digital record keeping, such as cloud accounting software or record keeping, is a fast and ideal solution. Digital records can be accessible anywhere and can't be destroyed by a fire or natural disaster, like physical records. When you regularly update and save your accounting records digitally, you can easily ensure they are up-to-date. Digital records are also easy to share with your outside professional accountant. Physical receipts and documents can be scanned to create digital copies. Basic information like payroll can be input regularly to maintain accurate records. Our firm has the latest software tools to assist you with all of your accounting needs!
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