October 7, 2020 / by Brett Hess / Deadlines, Small Business, Tax
IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you should fare well. In fiscal year 2019, the IRS audited approximately 0.4% of individuals. Businesses, large corporations and high-income individuals are more likely […]
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Divorcing couples should understand these 4 tax issues
October 28, 2020 / by Brett Hess / Uncategorized
When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper planning and advice, some people find divorce to be an even more taxing experience. Several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are […]
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Buying and selling mutual fund shares: Avoid these tax pitfalls
October 22, 2020 / by Brett Hess / Uncategorized
If you invest in mutual funds, be aware of some potential pitfalls involved in buying and selling shares. Surprise sales You may already have made taxable “sales” of part of your mutual fund investment without knowing it. One way this can happen is if your mutual fund allows you to write checks against your fund […]
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Inventory management is especially important this year
October 22, 2020 / by Brett Hess / Uncategorized
As year-end draws near, many businesses will be not only be generating their fourth quarter financial statements, but also looking back on the entire year’s financials. And what a year it’s been. The COVID-19 pandemic and resulting economic fallout have likely affected your sales and expenses, and you’ve probably noticed the impact on both. However, […]
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Reviewing your disaster plan in a tumultuous year
October 19, 2020 / by Brett Hess / Uncategorized
It’s been a year like no other. The sudden impact of the COVID-19 pandemic in March forced every business owner — ready or not — to execute his or her disaster response plan. So, how did yours do? Although it may still be a little early to do a complete assessment of what went right […]
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The easiest way to survive an IRS audit is to get ready in advance
October 7, 2020 / by Brett Hess / Deadlines, Small Business, Tax
IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you should fare well. In fiscal year 2019, the IRS audited approximately 0.4% of individuals. Businesses, large corporations and high-income individuals are more likely […]
Read more