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Year-End Tips from the Top Provider of Business Accounting Services in Fort Collins - Tally Services
Tax-Saving Tips for Small Businesses | Tally Services
Tax Reform Opportunities for Your Small Business
Small Business Owners: What to Know about Filing for a Tax Extension
Corporate Taxes: Business Tax Deductions to Take (and Avoid!)
Handle Your Business Tax Prep Differently this Year!
Tax Extensions Coming to an End? We Can Help!
5 Ways for Business Owners to Avoid a Tax Audit
One thing small business owners tend to fear is an IRS tax audit. Just the mention of the word audit is enough to make some get a little sweaty and start to think of the worst-case scenario. Maybe the business doesn't have all the numbers quite up to date, or maybe someone overshot mileage estimates, or maybe it's just the fear of the unknown. Either way, getting an audit letter in the mail can be frightening.
The good news is an audit is avoidable and we can help make sure this nightmare doesn't become a reality for your business. To that end, we've put our heads together to come up of a list of important things small business owners should do to avoid a tax audit.
Hiring Freelancers? Here's What You Need to Know!
Businesses of all sizes have turned to hiring freelancers, also known as independent contractors, for a wide variety of tasks from graphic design to content creation to event management. Freelancers are a great way to get work accomplished without having to hire and pay for a full-time employee, generally making an independent contractor a cheaper way to go. In fact, according to a recent study, nearly 1 in 3 Americans complete freelance work, making this sector a huge part of the economy.
However, as great as hiring a freelancer can be, it's important to make sure your company handles the paperwork and tax implications of freelance work correctly. Improper labels and mistakes on both the part of the freelancer and the company hiring a freelancer can lead to audits and potentially even penalties by the IRS. Heed these important tips to ensure your company properly classifies the person as a W-2 employee or an independent contractor: