LLC vs. S corp: Which is right for your business and taxes?
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xendoo Team
One of the most important decisions for business owners is which type of business entity to form. Your business structure impacts your tax savings, accounting practices, and how you pay yourself. Examples of business structures include: Businesses often weigh the pros and cons of forming an LLC vs. S corp. xendoo does online accounting, bookkeeping, […]
How far back can the IRS audit?
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xendoo Team
Generally, the chances of the Internal Revenue Service (IRS) auditing you are low. For most taxpayers, the audit rate is less than 1% to 2%. However, businesses tend to have more complex tax returns, so auditing is a concern. How far back can the IRS audit you? Typically, the IRS only goes back to audit […]
What happens if you miss the tax deadline?
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xendoo Team
There’s a lot to keep track of when you run a business. Many business owners look at their calendars halfway through April and realize that they missed their tax deadline. If this happened to you, it’s not too late to take action. You might be wondering: What happens if you miss the tax deadline? In […]
What happens if you get audited and don’t have receipts?
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xendoo Team
Most small businesses are unlikely to go through an IRS audit, but it’s possible. What happens if you get audited and don’t have receipts to back your expenses? It’s a common question and concern for many business owners. The best way to avoid headaches during an IRS audit is to keep accurate business records and […]
How To Fill Out Form 1065
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xendoo Team
Form 1065 is the end-of-year tax form for small businesses that operate as partnerships. So if you registered your business entity as a partnership, you must file the form at the end of your company’s tax year. With all the responsibilities that come with running a business, it can be difficult to stay on top […]
General Business Credit (Form 3800): How To Fill it Out and Get Tax Credits
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xendoo Team
As a business owner, you can pay less in taxes by taking advantage of credits or deductions. Tax credits lower the amount you owe. For example, if your tax bill is $15,000 but you have $5,000 in tax credits, you’ll only owe $10,000. But, there are over 30 business tax credits. Which should you claim […]
Qualified business income deduction: What it is and how to claim it
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xendoo Team
With the qualified business income deduction (QBI), small business owners and self-employed workers could deduct up to 20% of their taxable income. The QBI deduction is only available to pass-through entities between the tax years 2018-2025. A pass-through entity is a business that doesn’t need to file a separate business tax return. Instead, the owners […]
How to Lower Your Taxable Income and Pay Less in Taxes
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xendoo Team
If you’re wondering how to pay less in taxes, you’re not alone. Everyone—from individuals to business owners—wants to know how to lower their taxes. Tax laws are complicated and they can change each year. Our tax accountants know all the tax breaks for business owners and how to leverage them. With some guidance, you can […]
Business Tax Credits to Lower Your Tax Bill
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xendoo Team
Minimizing your company’s tax burden can help maximize profits. One way of doing this is through business tax credits. Leveraging the right tax credits can save your business thousands of dollars in taxes each year. However, there are many types of business tax credits and the IRS has strict eligibility requirements. How do you know […]
What Happens if a Business Doesn’t File Taxes?
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xendoo Team
As a business owner, you probably know that you should file taxes on time. However, if you’ve fallen behind on taxes, you’re not alone. Over 33% of Americans procrastinate doing taxes until the last minute. Reasons for procrastinating taxes vary. Some find it too time-consuming and stressful, while others worry if they are filing correctly. […]