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Some Red Flags to the IRS
SENDING THE WRONG MESSAGES TO THE IRS
Small businesses are about three times more likely to be audited than individuals. Here are some steps to take to prevent the IRS from auditing you.
1. Skip the home office deduction. Even though the IRS looks more kindly on the home office deduction than they did in the past, it is still a red flag, especially if your home office deduction is large. If you claim a lot of home maintenance or utilities, the IRS will scrutinize that part of your return. If you claim both a home office and the expenses for an office you rent or own, this is an evener bigger red flag.
2. If your business uses more subcontractors than employees, you are vulnerable to an audit. If you issue a lot of 1099 forms at the end of the year, you may be audited. The IRS looks carefully at businesses that use more subcontractors than employees as they wonder if you are avoiding paying payroll taxes.
Six More Business Deductions Will Help Reduce Your Taxes
ADD MONEY TO YOUR BOTTOM LINE-PAY LESS TAXES
Here are six more tips on how to reduce your tax liability:
1. Contract labor, including subcontractors and consultants. It’s best to list these expenses on your return in the category of expenses covered (i.e. ‘graphic artist’, ‘computer consultant’, etc.) rather than listing them as ‘independent contractors’
2. Credit card annual fees for cards used in your business. If your card is used partly for business and partly for personal expenses, pro-rate the fee accordingly.
3. Computer supplies.
4. Depreciation on business furniture and equipment and vehicles.
5. Dues and Fees
6. Education, including seminars and conferences that increase your knowledge and skills. You can deduct education expenses if they are related to your current business, trade, or occupation. The expense must be to maintain or improve skills required in your present employment, or be required by your employer or as a legal requirement of your job. The cost of education that qualifies you for a new job isn't deductible.
Home Business Rules and Often Rocks
RULE FOR HOME-BASED BUSINESSESApis is the Latin word for a family of honeybees. Bees naturally group into nests. Like a business without proper bookkeeping they are strictly functional. They give the bees a place to bring nectar to process into honey, similar to the way any bookkeeping system provides a business with a path to enter and store data in order to turn it into useful information. A hive is what we call a honeybee community when it is being managed by beekeepers. Hives are organized to facilitate extracting honey without harming or disrupting the bees. This is our approach to Bizkeeping—we organize bookkeeping systems in order to facilitate extracting financial information from your business so that your business can thrive. We stand behind you, so you can stand out! We offer a full range of Bookkeeping Services and Business Solutions. To schedule a Free 60 Minute Bookkeeping Consultation, please call (303) 945-2104 or submit your request here to be contacted by an Apis Representative.
In June 2009, we were honored to be named one of the 10 winners nationwide in Intuit/QuickBook®’s “Power to Get More Done” stimulus grant competition. Apis Business Solutions was chosen from more than 700 applicants from across the country because of our professionalism and our willingness to give back to the community. This prestigious award included up to $10,000 in Intuit/QuickBooks® products and services, which we will use to help other Colorado entrepreneurs grow their businesses.
Looking for a professional office space without the high cost? Just need a conference room or training center? We have the perfect space for you!
We are managing an Executive Suite and have offices available as of October 1st. With a central location and easy access to I-25, this is an ideal way to present your business to the world.
Contact us at (303) 945-2104 to hear about more our executive suites!
