Archive for April, 2017

Q & A and Tips on Accounting, Taxes and Personal Finance.
Five Steps To Take If You Are Audited

Five Steps To Take If You Are Audited

Getting audited is no one’s idea of a good time, yet you can minimize the stress if you take the right approach. Step 1: Understand why and when. While it’s possible you were selected randomly, it’s more likely you were selected for a specific reason. One example might be if your deductions for charitable donations […]

April 24, 2017 | By More
When the IRS Suspects You of Under-Reporting Income

When the IRS Suspects You of Under-Reporting Income

Have you suddenly become the unhappy target of an audit for allegedly under-reporting income to the IRS? Maybe you did under-report. Maybe you didn’t. Whether you did or not, your tax returns have waved some red flags at the IRS and you are now in their line of sight. You may not know it, but […]

April 24, 2017 | By More
First Quarter Estimated Taxes Due

First Quarter Estimated Taxes Due

Reminder: If you have not already done so, now is the time to review your tax situation and make a 2017 estimated quarterly tax payment using Form 1040-ES. The first quarter due date is now here. First-quarter due date: Tuesday, April 18, 2017. Remember, you are required to withhold (pre-pay) at least 90 percent of […]

April 5, 2017 | By More
Understanding the IRS Audit Process

Understanding the IRS Audit Process

If you’ve received a notice of audit from the IRS, here’s a few things you should know to ensure that your experience is as painless as possible. The last thing you want to do is ignore the request for documentation. Even if you don’t have what’s being requested, you can avoid further problems and unnecessary […]

April 4, 2017 | By More