New York State Income Tax Audit Q A

url1.comYou could win the lottery. While the odds of being the winner are astronomical, people every week plunk down their few bucks in the hope of beating these odds. Studies show that most lottery winners are broke within three years of getting their winnings.



Your home business should have its own checking account, entirely separate from your personal accounts. Do not use one account for your personal expenses and your business. You will also find it easier to keep business and personal finances straight when it is time to file taxes. If your Business Taxes are simple, you are less likely to make silly mistakes.

Within limits, you may deduct your deposits from your Income taxes. This can be a big advantage for people who want to make the most of their benefits. In addition, the savings roll over from year to year. If you make a habit of saving money into the account, you can grow quite a big pot over time. Upon retirement, you can also withdraw the money without a tax penalty.

It's important to know the date that your taxes are due. Many S corporations are surprised when they discover that some of their tax forms need to be filed by March 15th and not April 15th. Another surprise to some home-based businesses is that if you pay subcontractors over $600.00 a year, you need to send them a 1099 by the end of January.

But I digress...A fun, telling, experiment would be to tally up the total tax bill of all of the OWSers, and compare that to the tax bill of the corporations whose securities are traded on Wall Street (or that "1%" Ms. Curran and the OWSers keep lamenting), then we will see who is paying their "fair share", if you will. Care to humor me with that experiment, Ms. Curran?

Mistake #3: Missing forms. Perhaps this blunder is the most understandable of the three. After all, who isn't overwhelmed by the mind-boggling number of forms you have to prepare for the typical small business Income Tax return?

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