Accounting and Tax

IRS Targets Favorite Tax Saving Strategy

by Robert Seth January 3, 2012

Are you, or do you plan to be, a single owner or shareholder in an S Corporation?  Are you, or are you planning on, using the low payroll strategy to minimize payroll taxes?  Well read on, as this issue is being revisited by Congress and the IRS and the climate is definitely changing. As you […]

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Why You Shouldn’t Pay Personal Expenses From Your Business Account

by Robert Seth November 15, 2011

  We’ve all heard the advice that we should keep our business and personal finances separate.  This has always been good advice.  Depending on the type of business entity you started, it may not have actually been necessary, but it was still a good idea. There are some very good reasons for this separation.  One […]

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Importance of Credibility in Surviving an IRS Audit

by Robert Seth June 16, 2011

It’s an amazing thing how many Americans live in fear of an IRS audit.  We battle foes at home and abroad with tremendous bravery and dedication.  We go to war to defend ideals and freedom.  We are even willing to give our lives to right the injustices of dictators half way around the world.  Yet […]

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How Much to Save for Taxes in Your New Business

by Robert Seth June 15, 2011

Are you trying to figure out some of the tax issues of your new online or home business?  If so, you are a wise business owner. Failure to save for and pay taxes is one of the biggest reasons small businesses fail. Taxes are behind so many small business failures because of the difficulty in […]

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Accrual vs Cash…Continued

by Robert Seth May 7, 2011

This article is a continuation of “Accrual to Cash…What’s the Difference?” If you want to read it first, click here. Now that you know the difference between the accrual and cash methods, let’s talk about the reason for the use of each. The cash method is certainly the most widely used in small business.  If […]

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Accrual vs Cash…What’s the Difference?

by Robert Seth May 6, 2011

The question of accrual vs. cash refers to the type of accounting method the business uses. It determines when income and expense are recognized (recorded) for tax or accounting purposes.  There are other accounting methods, but these two are by far the most widely used.  The cash method is the simplest. It gets its name […]

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