A good recordkeeping system can actually help you save money. Find out what kinds of records you should keep and learn how to create a recordkeeping system for your business.
Cash vs. Accrual Accounting
There are two forms of accounting used by the small business - cash and accrual. The best method for your company depends on a variety of factors which include the nature of your business, its legal business structure, and whether or not you extend credit. Refer to a notice from the IRS can be unnerving, but if you follow these simple steps, the process to resolving the discrepancy should be straight forward.
Haven't Filed a Tax Return? Here's What to Do
Taxpayers should file all required returns that are past due now to avoid additional penalties and interest. This section gives information on getting help and documents needed to prepare a return. It is never too late to file.
Tax Scams - How to Recognize and Avoid Them
To help the public recognize and avoid abusive tax schemes, the IRS offers an abundance of educational materials. Participating in an illegal scheme to avoid paying taxes can result in imprisonment and fines, as well as the repayment of taxes owed with penalties and interest. Education is the best way to avoid the pitfalls of these “too good to be true” tax scams.