Remove irs-audits
article thumbnail

Top Tips to Avoid IRS Audit Pain | Women in Consulting

Women in Consulting

Peer-to-peer Fundraising Email Marketing Website Management Website Design Payment Processing Sphere Know How Blog Sphere Knowledgebase Sphere Forum Case Central Sphere Connect Sphere Connect Partners Blackbaud Connect Partner Network Overview Partner Login. Get the Flash Player to see this player. -->.

article thumbnail

Keep the Receipt or Lose the Deduction

Women in Consulting

Time after time, there are rulings from the IRS stating someone lost their deduction due to bad record keeping. She relied on her testimony to prove the deductions, while the IRS required documentation. The IRS could see she spent money, but because she could not prove the items purchased, the deductions were denied.

Banking 48
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Scare Tactics Selling; Just Like Fake News and Alternative Facts          

Martinka Consulting

I’ve been hearing ads for a tax mitigation firm saying, “The IRS is unleashing an army of enforcers….” In other words, only we can save you from having your house, car, and first born taken by the IRS. Now which is it, an army of enforcers or fewer employees out there?

Travel 40
article thumbnail

IRS Audits: What Do You Do?

Women in Consulting

By: Renee Daggett Overview : If you receive an audit notice from the IRS, do not panic. First, read the letter completely through to see what they are auditing. If you can handle the audit yourself, without getting emotional or defensive (or rambling), then do so. Do not leave your original records with the IRS.

Travel 76
article thumbnail

IRS Audits – What DO You Do?

Women in Consulting

If you receive an audit notice from the IRS, do not panic. First, read the letter completely to see what they are auditing. If you can handle the audit yourself – without getting emotional or defensive (or rambling) – then do so. If you don’t have the time, hire a professional to deal with the audit.

Travel 48
article thumbnail

Repair Regulations: Limiting Business Deductions

Women in Consulting

By: Renee Daggett In September 2013, the IRS released new rules regarding expensing repairs/supplies and depreciating assets. There are two exceptions to the $200 limit: If the taxpayer has audited financial statements or filing statements with the SEC, they can have a limit of $5000.

article thumbnail

Self-Employed? Prep for Tax Season to Save Big

Successful Independent Consulting

Our motivation is simple: pay as little tax as possible, ideally without triggering an audit. Other useful resources are from the IRS, “ Deducting Business Expenses ” and “ Publication 535 (2016), Business Expenses.” Tax season is probably the most important time for independent consultants to think like business owners.

Insurance 207