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4 Ways Small Business Owners Can Stay Tax Compliant

xendoo

While the salary is subject to self-employment taxes, the distributions are exempt, which allows S-Corps to avoid double taxation. . It is always best to speak to a small business tax accountant. They will get to know your business, and determine if S-Corp Election is right for you. .

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What happens if you get audited and don’t have receipts?

xendoo

However, forgetting or misplacing receipts happens, especially when you’re busy running a business. The IRS regularly deals with missing receipts, so there are guidelines for what businesses can do if they don’t have receipts. Also, Xendoo’s bookkeepers and CPAs have years of experience managing business record keeping.

audit 52
article thumbnail

What happens if you get audited and don’t have receipts?

xendoo

However, forgetting or misplacing receipts happens, especially when you’re busy running a business. The IRS regularly deals with missing receipts, so there are guidelines for what businesses can do if they don’t have receipts. Also, Xendoo’s bookkeepers and CPAs have years of experience managing business record keeping.

audit 52