Tax Tips

Startup Business Tax Tips

Employer Identification Number (EIN) or Federal Tax Identification Number: An EIN is used to identify a business entity and is a requirement on your income tax to identify your business. The EIN has other tax purposes depending on the transactions your business requires. It is important to ensure that your business legal structure (LLC, Corporation, …

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Records That Require Special Attention

The IRS system specializes in deep research and investigation regarding certain deductions on your taxes. The below records will need special attention as they are a red flag for the IRS: Meals and entertainment Out-of-town business travel Vehicle-related expenses Business gifts (know the differences between entertainment (business gifts) categorization and gift (donations). Home office expenses …

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