Having your tax return audited is a highly stressful situation. Here are some common audit red flags, and ways to protect yourself. • Failing to report all taxable income. You’ve probably received numerous 1099s, W-2s…

Tax filing time is an ideal time to annually review your financial affairs. You have to gather information to prepare your tax return at this time. Why not take one more step and do something…

Last tax season was a learning experience for everyone who had partnership, S corporation or sole proprietor income as they tried to understand the new qualified business income (QBI) deduction. The rules and regulations challenged…

Identity theft is a growing risk in the digital world.  It has become harder and harder to protect your information online.  It is important to take extreme caution with your personal information during tax season…

Late filing of S corporation and partnership returns can be costly. The last couple of years, the IRS has been penalizing late filers of S corporation and partnership tax returns. This despite the fact that…

Skillful inventory management is often one of the biggest factors in maintaining positive cash flow. Consider these techniques for controlling your company’s inventory to improve your cash position: Track inventory turnover. The inventory turnover ratio measures…

Closing a business is often a difficult and complicated choice to make. Usually the decision to close has little to do with the financial performance, and more to do with a change in ownership or…

Business owners don’t always do tax research about the various expenses they make.  Many assume that all expenses related to their business are deductible on their tax returns.  In many cases, this is true, but…