Below you will find links that you can use to assist you for certain types of your business expenses. The reason we need this is that for certain types of expenses you must declare whether or not you have written records to support the deduction you are claiming. Other items on this page are just things we frequently find that our clients omit when compling their tax information before bringing it to us.
- Upon audit, it is not usually a matter of law that causes a business to owe more tax; it is usually the lack of documentation. Download a discussion of the most common areas of difficulty by clicking here. This is not an all inclusive list, and your particular situation may require further discussion with us to ascertain the best tax treatment.
- 2020 Business Expense Form
- Home Office Worksheet (Note: You must meet specific criteria to qualify for the home office deduction. These rules can be found here.)
- The IRS requires you on your tax return to answer the question as to whether or not you were required to issue any 1099's during the tax year you are filing a tax return for. Please read about 1099's on our 2020 1099 Letter. Here is a link to download a blank W-9.
Below you will find several links to subjects that may not necessarily have anything to do with preparing your tax return this year, but are important in helping you run your business or possibly inform you of an area of law you may not be familiar with.
- There are specific rules that determine whether aq specific activity rises to the level of being a business as opposed to a hobby. The tax effect is severe for an activity classified as a hobby instead of a business. While a business that makes a profit could be a hobby, the IRS is mostly interested in those situations where a business, farm or rental propery loses money year after year. Click on the following link for a discussion from Gear Up tax seminars you can use to help make the determination as to whether or not there is a potential problem in your situation: business_vs_hobby.pdf.
- Many times we find clients want to find a reason to classify someone as an indepent contractor or contract laborer vs. an employee, while the IRS has an interest in doing exactly the opposite. Click the following link for a webpage that will aid you in making this determination: IRS - Independent Contractor (Self-Employed) or Employee?
- There are several forms you need to keep and actions you need to take when you hire new employees. You should visit the links below.
- Click here for the payroll compliance checklist. This tool will help you ensure that you are aware of some legal requirements and best practices regarding your employee management.