HELP ! I've been audited, what do I do?Once you've audited, the first thing to do is show your CPA or whoever is representing you what the IRS Notice is asking for.
After that you would need to gather information (supporting documents) to show the amount you claimed is accurate.
What's the difference between C corp and S corp?C corporations are subject to double taxation. One tax is at the corporate level on the corporations net income and another tax to the shareholders. S corporations are only taxed once, all their income is distributed to their shareholders.
If your corporation has more than 10 shareholders, It cannot be an S corporation.
If I have a home business, is my home office tax deductible?It depends whether you use your home office exclusively for work purposes or if you use it for personal as well. If you use it just for work purposes, then you can deduct several things such as your rent, utilities, insurance and even some of rennovations to your home office.
What can small business owners do throughout the rest of this year to make next year's tax filing an easier process?The best way to make it easier is by keeping track of your income and expenses in any way possible. There's multiple softwares or apps that will help you stay on top of your business day to day.
I use my personal car for my business, can I deduct that from my business taxes as a deductible expense?If you use the actual expense method, you're able to deduct the actual costs you put in each year to operate your car for your business. Such as gas, oil changes, repairs and other maintenance. Whichever method you use, you will have to keep records relating to how much you use your car for business versus personal use in case you get audited.
I am a truck driver, what are the NON - Deductible Expenses
- Non- Deductible Expenses would be expenses that wer reimbursed by your employer.
- Clothing that is adaptable to your everyday wear.
- Communiting costs(Tolls, Gas, Parking).
- Home phone line.
- Interest on personal loans & Personal vacations.
How much does iQTAXX Charge?
- 1040EZ: $19.00
- 1040A: $99.00
- 1040: $189.00
- 1020S: $349.00
- 1020: $349.00
- 1065: $349.00