Tax Tips

tax1We at Individualized Systems believe that education, understanding and knowledge are the principal keys to success. Whether it be business success, personal success, or just happiness, the key is to get as much information as you can about whatever it is you need to meet your goals.

Unfortunately, the tax laws are confusing and many professionals spend little to no effort to explain to the average taxpayer what is really going on. When the taxpayers don’t understand, they don’t feel comfortable with any professional. The resulting lack of communication can be devastating to both the taxpayer’s financial health and the growth of professional’s practice.

Therefore, we offer these educational discussions solely for the purpose of improving the overall understanding by the public of what various professionals can do for them and to help the confused and harried taxpayer make a little more sense of some of the more common tax laws that impact them and their businesses on a daily basis.

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All examples are based on tax laws as they exist at the time of writing. Since tax laws change daily, the exact dollar amounts may be altered, but the underlying principals are the same. If an example seems out-dated, feel free to call us for a more-current explanation.

Choosing Your Tax Preparer/Financial Consultant

Audit-Bullet Proofing your Tax Return

Business vs. Hobby

Charitable Contributions

Entertainment Deductions

Hiring and Leasing from Relatives

Home Office Deductions

How to make IRS Tax Payments Online

Maximizing Automobile Deductions

Payroll Taxes, Part I – Income Tax & Social Security

Payroll Taxes Part II – Unemployment

Records You Need to Keep

Self Employment and Estimated Taxes

Self Employment and Independent Contractors

Tax Deductions vs. Tax Credits

Tax Forms Required by Businesses

Types of Business and the Advantages/Disadvantages of Each

Working with Petty Cash