Sometimes an audit happens by chance, but in many other cases, it happens because of some sort of discrepancy that the IRS discovers in your tax filing. It can be extremely stressful to be audited when you have put many hours into sorting all your paperwork and counting and recounting your figures. An audit can cause an individual to feel frightened and question the accuracy of their filing.
4 tax benefits associated with charitable trusts
Estate planning can be a difficult topic for a lot of people to talk or even think about. After all, making end-of-life plans and deciding what will happen to your assets when you are gone can be uncomfortable. However, creating an estate plan can be crucial for many reasons, including the various tax advantages that may be available.
How will new partnership audit rules affect your business?
On January 18, the U.S. Treasury Department proposed regulations pertaining to tax audits for large partnerships. These rules also apply to limited liability companies and other business entities treated as partnerships for federal tax purposes.
When is cancelled debt treated as taxable income?
Given that Tax Day 2017 is still roughly six weeks away, it would not come as anything of a surprise to learn that there are still many people who have yet to complete their federal income tax returns. For some, this delay may have to do with their accountant's busy schedule, while for others it may have to do with simply finding the necessary time.
For taxes, accuracy matters
One of the most important elements of tax planning and preparation is recordkeeping. While this may seem the epitome of the routine and mundane, you must realize that it may be one of the most important parts of asserting any claim or defense, should the Internal Revenue Service or the Ohio Department of Taxation challenge your tax filings for a given year.
A successful succession for your business
If you run your own business, you may have goals that extend beyond making money and selling your product or service. Your plans may include creating a legacy, especially if you inherited the business or intend to pass it along to your children. However, building a legacy often takes a lifetime of effort, and part of that effort is having a strong plan for your business when you are ready to let go of the reins.
