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In order to be sucessful for the remainder of 2019, start focusing on controlling your costs in a changing market.
A misconception we see in tax planning with taxpayers is self-employment (SE) taxes (social security and Medicare) and income taxes are calculated on the same line of the tax return. The thinking of the taxpayer can be: “If I have a $5,000 tax bill, I can just spend $5,000 on my truck as a business expense and pay no taxes!” That’s incorrect. A business cost is not an equal deduction in tax due.
Tax season makes a lot of people nervous. They are worried that they might owe money or that they haven’t done their taxes properly. They worry about whether or not they will get a notice that says they are being audited. As you do your taxes this year, pay attention to these seven red flags that may lead to a tax audit.