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How to Maintain Compliance Documentation for Sales Tax Audits | TaxConnex

TaxConnex

Returns/Credits Returns and credits should be clearly identified in your accounting system. Bad Debt Most states allow a deduction for bad debts written off for Federal income tax purposes. Ensure these bad debts are clearly identified and documented in your accounting system.

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How To Download Your IRS Account Transcript to Look Up Your Estimated Tax Payments (Updated Jan 2024)

Nancy McClelland, LLC

For example, if you’re trying to prepare a tax return for a prior-year and need a list of all the informational documents filed with the IRS that are associated with your SSN, you’d want a Wage & Income Transcript. The best news where downloading any transcript is concerned?

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What Small Business Owners Need to Know About Income Tax Instalments

Ronika Khanna CPA,CA

One of these obligations requires that you calculate and pay the full amount of your income taxes when you file your income tax return, rather than having your employer remit deductions from your paycheck directly. Digital Download What is an Instalment Payment? Payment can be made via cheque or online banking.

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5 Tips to Minimize Risk Associated with Sales Tax Audits

TaxConnex

Not having good paperwork - Once hit by an audit notice, companies often fail to immediately assess their sales tax records and documentation – which in some companies is poorly organized and hard for an auditor to interpret. Documentation typically required can include invoices, exemption certificates, summary reports, tax returns and more.

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16 Common Financial and Tax Mistakes That Affect Your Small Business’ Bottom Line

Ronika Khanna CPA,CA

This is especially true with respect to the more technical aspects of business such as accounting and tax. Digital Download Available at Amazon 1. While you may not see yourself as a business owner, the tax authorities do and they, unfortunately, have the final say on this.

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Does Shopify Send a 1099?

Snyder

Which Shopify Tax Forms Do I Need? We’d reiterate that while you can download forms from Shopify, you’ll require accounting software to deal with the bigger picture: calculating total income and expenses and overall tax liabilities. Is a Shopify 1099 Reliable and Accurate?

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How to Enter Opening Balances in QBO Using a Journal Entry

Ronika Khanna CPA,CA

There comes a time for many small businesses or self employed workers when they decide that their current accounting system is no longer working for them. Download our free QBO set up checklist and check out our comprehensive QBO guide for beginners. The good news is that with some guidance it doesn’t have to be difficult.