Free Consultation: 858.450.1040 Payment | Client Login

MENUMENU
  • EDD
  • IRS
    • IRS Notices – What They Mean
  • About Us
    • MEET THE TEAM
    • PRACTICE AREAS
    • CONTACT US
  • TAX LAW & EDD RESOURCES
    • SMALL BUSINESS OWNERS TAX LAW GUIDE
    • EDD & IRS AUDITS
    • CRIMINAL TAX
    • SAN DIEGO TAX ATTORNEY
    • Orange County Tax Attorney Services
    • TAX BALANCE
    • INNOCENT SPOUSE RELIEF
    • OTHER TAX LAW MATTERS
    • SALES TAX AUDITS
    • UNFILED TAX RETURNS
    • OFFERS IN COMPROMISE
    • CALIFORNIA INCOME TAXES
    • INTERNATIONAL TAX
    • TAX COLLECTIONS
    • CORPORATE | BUSINESS TAX
    • PAYROLL TAX AUDITS
    • TAX LEIN
    • FAQs
  • SBA Loan Resources
    • PPP FORGIVENESS DENIAL APPEAL
    • SBA Criminal Defense
    • FAQs
  • RESOURCES
    • Blog
    • VIDEO LIBRARY
Home > Blog > Tax Return Reviews for San Diego Business Owners

Tax Return Reviews for San Diego Business Owners

April 27, 2016

Most business owners and entrepreneurs don’t like thinking about taxes. Deductibles and audits would be stressful for anyone, especially an individual with a company on the line. Our San Diego tax attorney at Milikowsky Tax Law offers tax return reviews for small business owners to help ensure they are getting the return they deserve and are protected from IRS audits.

We understand that mistakes can happen, which is why we can help prevent you and your business from slipping into real trouble. Our firm has compiled a list of ways we have seen business owners make real mistakes on their taxes. Knowing what to look for can help you make smarter decisions in the future!

Common misconceptions that can lead to mistakes:

  • You don’t need any help on your taxes: Business owners don’t always have the knowledge they need to correctly fill out tax forms, but instead of paying for a professional to oversee the process many would rather cut costs with programs like TurboTax. The problem with this is that if you do get into trouble with the IRS for your taxes, TurboTax won’t represent you.
  • If you keep receipts, you don’t have to keep a tax log: A tax organizer or diary is well worth the effort of logging and upkeep. Keeping an accurate and up to date log of expenses, travel, deductibles, and other records will not only make the tax process a breeze, but will also create a bulletproof source on the chance of an audit from the IRS.
  • Getting a big refund is a good thing: Yes, everyone loves seeing a big number on their return from the IRS, but in reality the situation is a bit more bittersweet. A big refund check means that you have been giving the government interest-free money over a long period of time. Accurately adjusting your withholding will ensure that you pay the government a more appropriate amount throughout the year.
  • Your salary is completely adjustable: That isn’t always the case. If you dramatically increase your pay check without substantiate a reason, the IRS can disallow the increase and claim it as unreasonable compensation. So you should think twice before you increase that pay check from $100,000 to $500,000 after a really profitable year.
  • My hobby is my business: If your Etsy “business” is consistently losing money (because making handmade bottle openers with the Presidents’ faces on it isn’t cheap and only purchased by a very niche market), the IRS may decide you actually don’t have a business on your hands. If your business is categorized as a hobby instead, you won’t be entitled to the same deductions.

If you need a San Diego tax lawyer to help review your tax return, contact our office today by calling (844) 444-2889.

Filed Under: Blog, News

Archives

Search

Categories

Questions About
Tax Audit/Controversies?

A representative will be in contact within 1 business day
PRIVACY POLICY

Get Monthly Updates on Important Tax Law Matters



Milikowsky Tax Law is located at: 4250 Executive Square, Ste. 650, La Jolla, CA 92037
o. (858) 450-1040 | m. (858) 212-0542 |
Privacy Policy

DISCLAIMER:
The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.

Milikowsky Tax Law © All Rights Reserved. Clear1099.com | Cal1099.com | California1099.com © All Rights Reserved.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT