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What Triggers An IRS Audit?

The IRS (Internal Revenue Service) selects tax returns for audit through a combination of automated and manual processes. While there is no guaranteed formula for triggering an audit, certain factors may increase…

October 7, 2023

taxes

Can The IRS See Your Business Bank Account?

The IRS (Internal Revenue Service) has the authority to access certain information about business bank accounts under specific circumstances, typically related to tax compliance and enforcement. Here are some key points to…

October 3, 2023

taxes

Does The IRS Require Paper Receipts For Business Expenses?

The IRS generally requires documentation to support business expenses, but it doesn't necessarily mandate paper receipts. The key is to have sufficient records that substantiate the business expenses you are claiming on…

October 2, 2023

small business, taxes

How Do Small Businesses Separate Receipts For Taxes?

Separating receipts for taxes is an important practice for small businesses to ensure accurate and efficient tax preparation. Here are steps and best practices to help small businesses organize and separate receipts…

September 27, 2023

taxes

How Much Deductions Can I Claim Without Receipts?

While it is possible to claim certain deductions on your tax return without receipts, the ability to do so is limited, and it's generally advisable to keep accurate records of your expenses.…

September 8, 2023

LLC, taxes

Can The Irs Take Money From LLC?

Yes, under certain circumstances, the IRS (Internal Revenue Service) has the authority to collect taxes owed by a limited liability company (LLC). The IRS can take various actions to collect unpaid taxes,…

September 7, 2023

LLC, taxes

Can The Irs Go After An LLC?

Yes, the Internal Revenue Service (IRS) can go after an LLC (Limited Liability Company) if the LLC owes taxes, has unpaid tax liabilities, or is non-compliant with tax regulations. While an LLC…

July 22, 2023

LLC, taxes

Can Irs Go After My LLC For Personal Taxes?

The IRS generally cannot go after your Limited Liability Company (LLC) directly for your personal taxes. An LLC is a separate legal entity, and the liability protection it provides is one of…

July 21, 2023

LLC, taxes

What Is The Most Tax Efficient Way To Pay Yourself LLC?

The most tax-efficient way to pay yourself from an LLC (Limited Liability Company) depends on several factors, including your individual financial situation, your business structure, and your long-term financial goals. Here are…

July 17, 2023

LLC, taxes

Does An LLC Get 20% Deduction?

Yes, some businesses structured as Limited Liability Companies (LLCs) may be eligible for a 20% deduction under the Qualified Business Income Deduction (QBI) provision of the Tax Cuts and Jobs Act (TCJA).…

July 16, 2023

News & Advice

What Triggers An IRS Audit?

Can The IRS See Your Business Bank Account?

Does The IRS Require Paper Receipts For Business Expenses?

How Do Small Businesses Separate Receipts For Taxes?

How Much Deductions Can I Claim Without Receipts?

Can The Irs Take Money From LLC?

Can The Irs Go After An LLC?

Can Irs Go After My LLC For Personal Taxes?

What Is The Most Tax Efficient Way To Pay Yourself LLC?

Does An LLC Get 20% Deduction?

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