Person using magnifying glass to look at financial documents

Small Business IRS Audit Mistakes

Wednesday, 21 July 2021 by

In late 2020, the IRS announced that it will increase tax audits of small businesses by 50 percent in 2021. Here are several mistakes to avoid if you do get audited by Uncle Sam. Mistake: Missing income A long history of investigating has led IRS auditors to focus on under-reported income. If you’re a business

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Good Debt Versus Bad Debt

Wednesday, 14 July 2021 by

Not all debt is created equal. Knowing the difference can change the way you look at your spending. Good debt adds value Good debt often leads to financial growth, because the product or service being purchased adds more value than the debt that comes with it. Student loans are usually an example of good debt

Scissors cutting through the word “taxes”

Now that 2021 is more than halfway in the books, it’s time to kick your tax planning into high gear! Here are several ideas to help you reduce your tax bill. Contribute to retirement accounts Tally up all your 2021 contributions to retirement accounts so far, and estimate how much more you can stash away

Stack of bills that say “Past Due”

As a small business, once you decide to extend credit to a customer, you now have a financial stake in continuing that relationship even if you suspect there might be trouble brewing. While you don’t want to crack down on a good customer too hard, too soon, you also don’t want to be taken advantage

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