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4 Ways Small Business Owners Can Stay Tax Compliant

xendoo

While the salary is subject to self-employment taxes, the distributions are exempt, which allows S-Corps to avoid double taxation. . It is always best to speak to a small business tax accountant. Pay Quarterly Estimated Taxes . Expert Tax Support, All Year Long . You do not have to lose sleep over tax compliance.

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What happens if you get audited and don’t have receipts?

xendoo

Some examples of costs that you’ll need receipts for include: Office supplies and equipment Inventory purchases Advertising and professional services Company training and employee education Travel expenses Since this isn’t an exhaustive list, it’s best to track all your business receipts and update your records regularly.

audit 52
article thumbnail

What happens if you get audited and don’t have receipts?

xendoo

Some examples of costs that you’ll need receipts for include: Office supplies and equipment Inventory purchases Advertising and professional services Company training and employee education Travel expenses Since this isn’t an exhaustive list, it’s best to track all your business receipts and update your records regularly.

audit 52