Your Tax Place, Inc. - Tax Savings Strategies

  $45.6 billion dollars was approved by the Senate to help the IRS to IMPROVE ENFORCEMENT which is causing a lot of us to become concerned.   WHAT COULD HAPPEN?    The chances of getting audited has dramatically increased.  4 Ways to Prepare in Case You are Audited  1. Be sure that all expenses claimed on your tax return are accurately supported by receipts. 2. Review your Tax Return before you sign it. Take your time and review all income/expenses claimed BEFORE SIGNING  ONLY YOU, not your tax preparer, is responsible for the information reported on your tax return AFTER YOU SIGN IT Compare your tax return with the previous year and question any differences to be sure you can support any changes Ask alot of questions to learn the laws used to prepare your tax return Have your filed tax return amended if you catch the errors BEFORE the IRS catches them 3. Hire a Reputable Tax Preparer that has a history of Assisting with Audits Confirm they have represented others in audi

  A lot of people that I talk to ask me, " Who will give my business credit ?". Having business credit will help you to purchase the tools, equipment, and supplies that you may need to help you to grow your business.  But, in order to get business credit, your business needs to  Be Separate  from you.  Also, the business needs to have a proven track record of purchasing items on credit and repaying them ON TIME and/or IN FULL each month.    In other words,  Have its own Credit Score. As you know, a Credit Score is given to people/businesses and is attached to the NAME and TAX ID of the person/business for all to review and decide whether or not more CREDIT can be issued. First Step If you want to establish business credit and have established your business as a sole proprietor, the FIRST STEP  you need to take is to Separate   You from Your Business.   You can do this by forming a separate legal entity such as a Corporation or an LLC to allow your business to