Website Editor No Comments

Uh-Oh; I Got an Audit Notice from the IRS. Now What?

If you receive an audit notice from the IRS, do not panic.  Just breathe! Read the letter in its entirety to see what they are auditing.  In many cases, it’s a great idea to hire a tax representation professional to deal with the audit, especially if it’s a field audit (described below).  Why You An audit can be triggered in any number of ways. It could be that the IRS computer randomly pulled your number.  Certain amounts on the return can trigger this: high mortgage Read more [...]
Patricia Anderson No Comments

Have Your Layer Cake and Eat It Too

The best cakes have layers and layers of different delicious flavors to enjoy. Stacked on top of one another, each layer is baked separately and becomes part of the whole. Like a layer cake, your business expenses have layers of meaning to them. When you can understand how expenses play a part in profit, you can manage them better.

Here’s how to make a layer cake of your business expenses. Let’s start with the most direct expenses.
Direct Costs
If you have inventory you will have a balance Read more [...]