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Home-Based Business Tax Tips

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Home-Based Business Tax Tips

As a business owner, you’re now responsible for many things including making sure your taxes get filed while containing no errors. Along with getting your taxes filed accurately there are many tips to consider for allowing yourself to save money which you could use for expanding your business. The thing is you must have adequate knowledge about how to take advantage of the available tax deductions. To begin your successful journey on home based business taxes, learning the proper measures before jumping the guns are the best way to go. With that being said, after reading this article you will be knowledgeable about home-based business tax tips.

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Flags that Trigger Tax Audits

auditWhen filing your taxes, the last thing you want months or even years later is a letter from the IRS stating you are in line for an audit. As long as you cover your bases with some simple tips mentioned here, you’ll never have to worry about that letter coming in the mail.

Flag #1: Mismatched Accounting

Make sure all taxable income is reported. The IRS gets all copies of 1099’s & W-2’s you receive. A mismatch sends a red flag, and causes IRS computers to spit out a bill. If a 1099 or W-2 is incorrect, make sure to get with the issuer to file a correct form with the IRS.

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Are you Putting Your Business at Risk?

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Are you Putting Your Business at Risk?

Owning a business is a lot of hard work. There are so many pieces to put together to make sure everything is working the way it should. It is important as a small business owner that you assemble a team that will help you protect your small business. This team should include a bookkeeper and accountant, a lawyer, and perhaps some business consultants.

You could inadvertently be putting your small business at risk. Here are three things that many small business owners overlook in their business but could ultimately lead to small business failure.

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Selecting a Business Structure

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Selecting a Business Structure

Each year, thousands of businesses are started in this country by entrepreneurs with visions of success. Unfortunately, as enthusiastic and determined as they are, many give little or no thought to the business structure that is best for them and their situation. This is a serious mistake since the type of business you select can introduce several important factors into your plans.

What follows is a brief description of the different types of business structure available as well as a short description of their advantages and disadvantages. For more help in determining which form of business is best for you, contact a lawyer or a tax adviser who specializes in small businesses.

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