You may be wondering, “WHO could possibly want to steal my TAX identity?” There’s a really good probability that nobody wants to pay your taxes for you. But it is possible that someone obtained your Social Security number and filed a fraudulent return using YOUR identity, to steal your refund. And this could happen online or offline. […]
The Top 5 Ways Small Businesses Get in Trouble With the IRS
As a small business owner, you probably know that willfully avoiding paying taxes will lead to severe problems with the IRS. However, IRS problems aren’t always a result of a business owner’s intentional actions. Here are five ways a small business owner can get in trouble with the IRS — often unintentionally. 1. Under-Reporting Income […]
Tracking Down Interest Deductions for Your Personal Tax Return
Is the interest you pay on borrowed funds tax deductible? As with many tax-related questions, the answer is, “It depends.” Different Types of Interest Different categories of interest expenses have different deductibility rules. Personal interest, such as interest paid by consumers on personal credit cards, is generally not deductible. Student loan interest of up to […]
Are You Keeping Track of *ALL* Your Tax-Related Business Expenses?
If you’re self-employed, understanding what’s deductible and recording all of your business expenses should be a major priority. Accurate accounting is crucial, especially if you work for yourself. The IRS pays special attention to tax returns prepared by sole proprietors declaring their own business transactions. Do you know all the ins and outs of the […]
The Advantages of ROBS [Part 1]
![The Advantages of ROBS [Part 1]](https://www.baumcpas.com/blog/wp-content/uploads/2022/02/Piggy-bank-atop-piles-o-Benjamins-720x400.jpg)
In this article we will cover some of the most advantageous reasons why a Roll Over as Business Startup (ROBS) works for some entrepreneurs, and discuss some insights as to why we want to leverage these concepts to the entrepreneurs’ advantage. Sufficient Working Capital All too often, small businesses fail because the entrepreneur didn’t do […]
What’s Taxable to an S Corporation Shareholder?
Many of our non-ROBS small business clients elect to file their business taxes as a subchapter S corporation. Under a regular C corporation (required in a ROBS arrangement), the business itself pays income taxes on net profits, and the business owner pays taxes on income from salary and dividends paid to the owner from the […]