The IRS Wants More of Your Money!

The Ground Rules in Playing the Tax Game with IRS Have Been Changed

If you have a business with deductible expenses and you want to keep these deductions, you must have solid documentation of all business expenses.

Here is what is happened already:

• Over the past several years the IRS has addedmany new forms to track your financial activities.
• Many of these new forms, prepared by banks, brokerages, title companies, and other financial institutions, are filed electronically.
• IRS computers cross-match the information from these forms to various income tax returns. A process made more efficient by electronically filed tax returns.
• Computer capabilities have dramatically increased enabling the computers to process more return information to determine audit potential.

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A Story to Grow From: But I have an LLC!

It was a fine summer Monday, and Randy was feeling good that his business was finally getting requests for new jobs, more in line with business before the downturn.

He knew what a struggle it had been to stay afloat through the last two years. He felt that he would soon be able to catch up on his past due bills to suppliers. Too much brain damage dealing with constant collection calls and no money to satisfy them.

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Can You Use Independent Contractors?

The following is the story of how one person came to an understanding of what an “Independent Contractor” is.

The morning sun was just warming the tops of the hills surrounding the lake as Ed dropped his line in the water and made himself comfortable in the deck chair. The light breeze was just enough to cause small waves to lap against the pontoons of the houseboat and give a rocking motion to the craft. Ed knew none of the others would be getting up any time soon.

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