Word: taxed
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...critical that owners maintain books, records, separate bank accounts and different credit cards for the business, says Brenda Schafer, a CPA and CFP at the Tax Institute at H&R Block...
...Absolutely, without a doubt, there's going to be more errors," says Jacob Gold, a CFP and author of Financial Intelligence: Getting Back to Basics After an Economic Meltdown. "The IRS will look at all of these new tax returns where people are declaring themselves as sole proprietors ... and I would not be surprised if the number of audits increased." (See the top 10 financial-crisis buzzwords...
...Many budding business owners grow wide-eyed at the prospect of generous tax deductions including those for business expenses ranging from travel and entertainment to home-office and computer costs. But many have no clue what is permitted and what will bring the IRS knocking at their doors. "There are many misconceptions about the tax laws, where people say, 'My neighbor told me I could do this,'" says Jackie Perlman, a tax analyst at H&R Block's Tax Institute. And a wrong or uninformed decision can affect the ultimate success or failure of the new business...
...problem for newbies is the sheer magnitude of available tax breaks. "When you're a self-employed small business, pretty much everything is a deduction, whether it's entertainment, marketing dollars or stationary," says Joseph Leonard, founder of Coastal Financial Associates and author of The Retirement Vault...
...those money-saving tax deductions and perks can quickly turn into profit-bleeding blunders that can threaten the very survival of a business. The most common mistakes: poor record-keeping, questionable deductions, failing to make quarterly tax payments to Uncle Sam and putting expenses on the wrong lines on a tax return. (See 10 perfect jobs for the recession - and after...