November 2014

pstrongThe IRS requires you to maintain consistent accounting throughout your fiscal year. You must use a method that clearly reflects your income./strong/ppWhen you file your first tax return, you’ll decide on an accounting method.

pstrongYou may be able to elect a tax year that suits your business; how will you choose?/strong/ppThe IRS requires your business to determine your taxable income based on your tax year and file a return accordingly.

pstrongWith only one month left in the calendar tax year, now is the time to make some strategic moves to lower your taxable income for the year./strong/ppBefore there year ends, you’ll want to give yourself the gift of savings on taxes. Below is a list of common tactics to take before the year’s end.

pstrongIf you’re starting a new business, you may need an EIN (Employer Identification Number) from the IRS. Here’s how to determine whether or not you need one as well as how to get it./strong/ppIf you’re a sole proprietor or in some states, a single owner of an LLC, the good news is that getting an EIN is free!