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Consultant's Corner: Irs Schedule C Audit..
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Consultant's Corner: Irs Schedule C Audit..

Question: I have just received my first notice from the IRS indicating that there will be a Schedule C Audit. What should I expect?
 
The IRS should have provided you with an Information Document Request that will tell you specifically what they want to review in this first meeting. Review this document request with your accountant as a first step. The time spent gathering and organizing the required supporting records is often more than the time that will be spent in the meeting with the IRS.

Starting a Business?

Starting a new business on your own can be both intimidating and rewarding at the same time. Hopefully; with a solid business plan and proper guidance those stepping-out on their own will be successful. To make this process a little easier, here are some basic tax considerations a new business owner should take into account.
Choosing Your Type of Business Entity
One of the first decisions that you will have to make is to choose the type of entity that you wish your business to operate as. Your choice plays a factor in your personal liability for the business’ activities and how taxes are imposed on the business and yourself as the owner.

How to File Your Taxes if You Are Self Employed

Georgia tax servicesIf you are self-employed, it is important to understand how to properly file your taxes. The self-employed do not have tax money automatically taken out of each check and pay their own expenses, so there are extra considerations to take into account other than the standard dependents, deductions and so on. Self-employment tax rate is currently 13.3 percent, which must be paid on earnings of $400 or more. Self-employed individuals can take deductions for work expenses and health insurance, but to make sure that you are getting the proper deductions and amounts, consult a trusted tax preparation company for assistance.
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