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4 Ways Small Business Owners Can Stay Tax Compliant

xendoo

Instead of playing phone tag with your finance professional over missing documents, you can work with an online accountant who will determine the tax deductions you qualify for and file your taxes on your behalf, so you can get back to what you love – growing your business! . Pay Self-Employment Tax.

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

xendoo

The worst-case scenario is that the IRS may remove some business tax credits and deductions you claim. Audits aren’t as big a deal as movies and the media make them out to be, especially if you keep organized business records. Businesses can avoid audits with accurate and organized bookkeeping year-round.

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article thumbnail

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

xendoo

The worst-case scenario is that the IRS may remove some business tax credits and deductions you claim. Audits aren’t as big a deal as movies and the media make them out to be, especially if you keep organized business records. Businesses can avoid audits with accurate and organized bookkeeping year-round.

audit 52