Education

The Unforeseen Downside to a Home Office Deduction

Certainly home office expense is a popular tax deduction for the self-employed and freelance workers who actually use a part of their home to conduct their business.  I know my small business clients who office out of their home are very careful to track their utilities and home insurance costs, so they can get those [...]

Posted by: Wray Rives, March 31, 2010

Common 1099 Mistakes – Frequently Asked Questions

1099’s were due to contractors on February 1st and are due to the IRS by March 1st when paper filing and March 31st when e-filing. We’ve mined our team of experts at the Outright Community to find the most common 1099-related mistakes and how you can prevent them. (Or, oops, rectify them!)
It’s February 3rd. What [...]

Posted by: Jennifer Escalona, February 3, 2010

Seven Simple Tax Slip Ups That Can Trigger An Audit

As tax season approaches people start getting stressed about filing their tax returns. One sure way to draw the attention of the Internal Revenue Service is making a mistake on your return, here are seven of the simplest mistakes people make so you can avoid some extra stress this year.

Forgetting to sign and date [...]

Posted by: Wray Rives, January 26, 2010

Comments: 1

What Happens if the IRS Audits my Business

Everyone dreads the IRS audit. In 2008, the IRS audited approximately 1.4 million individual tax returns. While that sounds like a lot, consider that almost 140 million returns were filed in 2008 which means around 1% of the returns filed were audited. The odds of being audited are actually pretty low.
Most people [...]

Posted by: Wray Rives, November 11, 2009

Tax Deductions that Small Businesses Commonly Overlook

It’s June 15th – estimated taxes are due – and Audrey Shaffer of Audrey Shaffer Enterprises is going to answer all of our pressing questions about commonly overlooked tax deductions. Read this before filing. Maybe you forgot something!
1.) What are some tax deductions that small business owners/sole-proprietors/freelancers commonly overlook?
Mileage is the first one that [...]

Posted by: Jennifer Escalona, June 15, 2009

Comments: 1