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Tag Archives: recordkeeping

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7 red flags that could trigger an IRS audit of your taxes

Accounting, EntrepreneurBy balancedbookzNovember 20, 2019Leave a comment

No one wants a visit from the Internal Revenue Service. But if you get too generous with your calculations, you may need to back up your tax return. “For individuals, it usually comes down to being too overly aggressive with tax deductions or benefits that could invite the IRS in,” says Logan Allec, a certified…

The Home Office Deduction

Accounting, EntrepreneurBy balancedbookzOctober 30, 2019Leave a comment

Under the IRS rules, a taxpayer is allowed to deduct expenses related to business use of a home, but only if the space is used “exclusively” on a “regular basis.” To qualify for a home office deduction you must meet one of the following requirements: Exclusive and regular use as your principal place of business…

Recordkeeping Tips for Small Business Owners

Accounting, EntrepreneurBy balancedbookzJuly 17, 2019Leave a comment

The key to avoiding headaches at tax time is keeping track of your receipts and other records throughout the year. Whether you use an excel spreadsheet, an app, an online system or keep your receipts organized in a folding file organized by month, good record-keeping will help you remember the various transactions you made during…

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