News & Advice

You can typically pay for various business-related expenses out of your business account, as long as they are necessary and ordinary expenses incurred in the ordinary course of conducting business. Here are…

The amount of money you should keep in your business account depends on various factors, including your business's financial needs, cash flow patterns, and long-term goals. Here are some considerations to help…

The IRS obtains information about business ownership through various sources and mechanisms. Here are some of the primary ways the IRS may learn about who owns a business... Tax Returns - Business entities…

Yes, the IRS can pursue tax liabilities owed by a business entity. Here are some ways in which the IRS can come after a business for unpaid taxes... Tax Liens and Levies…

Yes, the IRS can pursue tax liabilities owed by a Limited Liability Company (LLC). However, the extent to which the IRS can collect on those liabilities depends on the structure of the…

Yes, you can typically deduct the cost of gasoline used for business purposes as a business expense on your tax return. However, there are some important considerations to keep in mind... Business…

If a business doesn't make a profit, it means that its expenses exceed its revenue during a particular period. While operating at a loss is not uncommon, especially for new or growing…

The amount of business loss you can write off depends on several factors, including your business structure, your level of involvement in the business, and tax laws and regulations. Here are some…