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Product ID: 401898EAU

7 Biggest Misconceptions Business Owners Have About Their Returns

OnDemand Webinar (95 minutes)

Gain a better understanding of how to properly report business activity as well as tax planning tips and budget goals while complying with the tax laws.Whether you are starting a new business or are re-evaluating the effectiveness and efficiency of your operations, this topic is geared to provide you with tools to critically analyze 7 critical areas and how some might affect your company moving forward. Have you been called for an audit by the IRS and do not know where to start with answering questions regarding a tax return? Is your tax liability increasing when you thought income was minimum? OR do you think your only way of increasing profit is to lay-off employees? If you answered 'yes' to either of these questions, then this topic is a must. This material will help you re-think your organization structure, tax planning, budget goals and be confident in meeting the demands of Internal Revenue Service. Become a proactive employer and increase opportunities for growth while complying with the tax laws.


DeBorah L. Giles, E.A., ATP, ABA, MBA, Giles and Associates


Organization May Not Matter?

• Corporate

• Partnership


• Sole Proprietorship

Tax Reporting vs. Tax Budgeting

• Income and Operating Activities

• The Work Force

• Employee Benefits

• Projected Tax Liability

How to Maintain Records

• Automated

• Manual

• Workflow and Record Accountability

Profit vs. Losses -Losses Rule??

• Do You Have a Business or a Hobby?

• Are You Audit Material?

• Records and Applicability