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Many of the small business owners would love to take precautionary steps to avoid tax audit rather than living in fear all the time. There are several reasons why IRS can audit one company instead of another one. Some of them are more complicated than you think, some of them can be easily fixed. Let's look closer at the most common triggers for a small - business tax audit. IRS uses the specific software (Discriminate Function System) to analyze returns and flag them if somet

If you are qualified for a home office deduction, you need to determine how much you can deduct. To determine the value of the deduction you can do two ways. Simplified option: Deduct by the square feet. According to IRS, if your home office has 300 square feet or less you can use this method. The maximum amount that you can deduct using this option is $1500. It is calculated by multiplying 300 square feet by $5 per square foot. Actual expense deduction: Deduct by the percent

Every year the government of the United States makes changes to the tax laws. At the end of 2016, Congress of the United States cut off some of the credits and deductions. Here is what can affect your 2017 tax return: 1. Mortgage Insurance Premium Deduction Mortgage Insurance Premium or MIP is paid if your down payment is less than 20% on your home loan. The MIP must be paid by the buyer to protect the lender from losses in case if the buyer is not able to make mortgage paym