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Small Business Tax Deductions Checklist: All You Need to Know About Tax Deductions

Snyder

In this article, you’ll learn what tax deductions are, which expenses are deductible, and how to minimize the risks of the IRS tax audit. What exactly are tax deductions? How to claim small business tax deductions 2. 12 tax deductions that apply to small businesses 3. Contents: 1.

Tax 98
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The Best Small Business Bookkeeping Solutions

xendoo

Today’s accounting firms can handle a wide variety of SMB bookkeeping tasks, including: Invoices . Corporate tax preparation . By outsourcing your needs to an online accounting firm, you gain the benefit of industry-leading expertise, all without breaking your budget. Business Tax Preparation and Filings.

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How Long to Keep Important Financial Records

MazumaBusinessAccounting

Remember, the IRS recommends keeping tax-related documents for at least six years. An audit can be performed up to six years after filing if an error is suspected, and you’ll want proof of your purchases if that happens. How Long to Keep Financial Records and Why. Why You Should Shred Discarded Documents.

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What is a notice of assessment and How to Handle a request for information

Ronika Khanna CPA,CA

Some of the information that can be found on a notice of assessment includes: Personal income tax returns (including small business tax returns on a T2125 ): Summary of the income tax return that was filed which includes certain key line items such as total income, deductions and credits , and final tax amount payable or refund.

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Intuit Integrates Its TurboTax System into Credit Karma and QuickBooks Online

CPA Practice

“Preparing and filing taxes can be time consuming and research intensive for small business owners, taking away from what they’re passionate about,” said Vice President of Product Management for the Business Tax Ecosystem at Intuit, Matt Lisowski.

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Taxpayer Advocate Delivers Annual Report to Congress, Identifies Top 10 Problems with Agency

CPA Practice

Delays in processing amended tax returns and taxpayer correspondence. Despite the IRS’s success in eliminating its backlog of paper-filed Forms 1040, backlogs in processing amended individual income tax returns (Forms 1040-X), amended business tax returns and correspondence continued. Among her key recommendations: 1.

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Finance and Accounting Outsourcing: Benefits for SMBs

Snyder

Benefits of finance and accounting outsourcing for SMBs 3. When should I consider accounting outsourcing and bookkeeping services? How to make outsourced finance and accounting work for your business 5. Online accounting system Managing finance and accounting in-house or outsourcing for SMBs?