Auditing of small business owners by the IRS has taken on a new importance given recent events.
We are coming up on the October 15th deadline for filing taxes for those who were granted an extension since April.
These three articles are provided to assist those interested in keeping up with major tax activities.
We are coming up on the 100th year anniversary of the income tax next April 15th, 2014.
According to the PEW Research Center non-partisan polling “Tax Fairness” ranks 8th in the order of public priorities for all Americans. The charts for all Public Priorities are shown below.
The IRS and Small Business Owners
Tony Nitti, Contributor
It’s late March, so forgive me if I come off as a bit harsh, but do you know the old saying, “there are no stupid questions?”
In fact, there are lots of stupid questions. This time of year, I hear them daily. For example:
No, you can’t deduct your hot tub as a medical expense because your “legs get sore.”
Nor can you deduct the amount paid to prostitutes as “sex therapy.”
And no, you can’t have your company make your bonus check out to your 6-year old son to avoid income taxes, though I admire your ingenuity.
As frustrating as these types of questions may be to field, however, I assure you they don’t annoy your tax advisor nearly as much as this one, which is asked all too often this time of year:
“If I do this on my tax return, what are my chances of being audited by the IRS?”
For more information and discussion on these please email firstname.lastname@example.org or call me on 407-749-9395.
Small Business Consultant