Remove audit Remove corporation tax Remove Entertainment Remove income tax
article thumbnail

Tax Problem Resolution in the Inland Empire, CA

MyIRSRelief

Navigating tax issues can be daunting, especially when facing audits, unpaid taxes, or payroll problems. This FAQ guide provides insights into common tax problems and solutions available in Corona, CA. What is Audit Representation and How Can It Help Me in Corona, CA? Victoria Gardens: Shopaholics rejoice!

Tax 130
article thumbnail

Gross vs. Net Income: What Employers Should Know For Tax Time

inDinero Tax Tips

Financial experts speculate this may be because they’re the most common source of improperly reported income. Sole proprietorships, partnerships, limited liability companies (LLCs), and S-corporations are pass-through entities; owners report their income as personal income on their tax returns and pay regular income tax.

Tax 52
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

Tax Deductions Guide 2021

inDinero Tax Tips

Claiming deductions can save your company thousands of dollars in income taxes. However, if you’re claiming ineligible business expenses , you risk facing an audit. If the thought of filing your taxes is enough to make you sweat, you’re not alone. . Deductions work by reducing your total gross income.

Tax 52
article thumbnail

20 Essential Tax Facts for Small Business Owners

Ronika Khanna CPA,CA

Meals and entertainment in which business was discussed. With certain exceptions, only 50% of meals and entertainment can be written off. You must be able to demonstrate that the meals related to earning business income. Life insurance premiums are not tax deductible unless the beneficiary is the business.

Tax 52
article thumbnail

HMRC Business Enquiry/ HMRC Corporate Enquiry

Accounting Insight

A large business tax enquiry / corporate tax enquiry is carried out by HMRC’s ‘Large Business’ directorate and ‘Wealthy & Mid-sized Business Compliance’ directorate. Remember, a corporate tax enquiry is not routine, despite what HMRC may suggest. What is a business tax enquiry / hmrc corporate enquiry ?

article thumbnail

How are LLCs taxed? LLC tax benefits and tips to reduce taxes

ThomsonReuters

How are LLCs taxed? LLCs are considered “pass-through entities,” which means the LLC itself does not pay federal income taxes on business income. Instead, income “passes through” to individual members of the LLC, who pay federal income tax earned from the LLC via their own individual tax returns.

Tax 52