Have you formed a Limited Liability Company (LLC) within the current year? If so, you're to be congratulated on your entrepreneurial efforts. However, as you are likely already well aware, your nascent business creates additional responsibilities in many areas. This includes paying your taxes. How does a new business owner pay their income tax obligation? Here are a few steps to take to avoid trouble with the IRS. 1. Look at Last Year's Taxes [Read More]
What Are Some of the Things a Professional Will Do When Representing You During a Tax Audit?
Typically, when you submit your tax return, you don't have to worry about any further correspondence from the IRS. However, in some cases, people find that they have been audited by the IRS. Basically, this just means that the IRS wants to take another look at your tax return and documentation. This can be a scary and tough situation to be in, and ideally, you will want to hire a professional to represent you. [Read More]