by Kristen Sutton | Aug 19, 2023 | Uncategorized
There are three simple questions you can ask to determine whether an expense is tax deductible: The first question is “Is this expense reasonable, ordinary or necessary?” For example, it would be reasonable for a doctor to buy medical equipment. It would...
by Kristen Sutton | Aug 19, 2023 | Uncategorized
In order for an expense to be tax deductible, you must incur it for a business, and not for a hobby. It you want to deduct an expense, the IRS will apply a Facts and Circumstances Test to answer the question “Is this activity a business, or a hobby?” If...
by Kristen Sutton | Aug 19, 2023 | Uncategorized
If you haven’t filed a tax return in a while, you may be wondering what options you have. It is in your best interest to file those back tax returns as soon as possible. You might be surprised to learn that filing back taxes may be the simplest way to get out of...
by Kristen Sutton | Aug 19, 2023 | Uncategorized
The Indiana Department of Revenue requires any business that conducts sales (retail or wholesale) within the state of Indiana be registered by obtaining a Registered Retail Merchant’s Certificate (RRMC). A business tax application (BT-1) is filed along with a...
by Kristen Sutton | Aug 19, 2023 | Uncategorized
If the IRS files tax returns for you, the service is attempting to close an open file. This action is part of The Substitute for Return Program. If the IRS files a return on your behalf, contact Tax Matters Solutions. It is highly unlikely that you would ever want the...
by Kristen Sutton | Aug 19, 2023 | Uncategorized
If you are being audited, you’re going to suffer some damages, be it in time, comfort, convenience or money. What you can do is control the amount of damage. What Does a Tax Audit Look Like? Line-by-line audits These tax audits request information about...
