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Every year, the IRS relentlessly pursues back taxes, and often, small business owners find themselves under the agency’s scrutiny. But why do business owners become prime targets for IRS enforcement? Let’s explore the key reasons behind this prioritization. A US Treasury study reveals a surprising fact – 85% of individuals owing back taxes are W-2 … Continued
As the year comes to a close, it’s the perfect time to reflect on your financial goals and the steps you’ve taken towards achieving them. Year- End can serve as a reminder to prioritize your financial well-being. . By setting clear goals, it provides you with a sense of purpose and direction. It helps you … Continued
With the pandemic, many business owners struggled to keep aloat, including paying payroll taxes to the IRS, hoping the day would come when they could catch up but they never could. Not dealing with payroll taxes can result in jail time, fines and penalties and the loss of your business. The IRS has stated this … Continued
As a business owner, protecting your personal assets should be a top priority. Running a business always involves a level of financial investment and risk. However, as a Sole Proprietor, your personal assets are directly exposed to any debts or liabilities your business incurs. This means that if your business faces financial difficulties or legal … Continued
cash sales need to be reported or you get a tax audit
It is the dread of almost every business owner – keeping their business records in order. Yet it is a necessity. What do you really need an a second’s notice that should be in a separate folder: Your organizational records: Your articles of incorporation is you are incorporated, your entity registration, your EIN number, your … Continued