What If My Taxes Get Audited?

What if My Taxes Get Audited?

Tax audits are among the most common financial fears, but they don’t have to be – especially with your CPA by your side. Truthfully, though, unless you make more than $200,000 a year, your chances of getting flagged for audit are pretty slim. And with IRS budget cuts severely limiting their ability to even check returns for accuracy, you can bet that the odds are in your favor. In fact, less than 1% of all tax returns filed in any given year get audited. If your return does get singled out, you’ll most likely be able to handle the matter…

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Top Ten Small Business Accounting Pitfalls

Top Ten Small Business Accounting Pitfalls

Not knowing your cash balance: Online banking makes a lot of things simpler, but it can also create distance between you and your money. Things can get especially tricky if you use online banking combined with a physical checkbook, and don’t always stay on top of when checks hit your account. Between that, automatic payments, and bank charges, money in your cash drawer and your checking account may actually already be gone. Confusing profits and cash: If your business generates a lot of credit sales (not credit card sales), your company can post big profits without seeing any cash. Those…

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