The Business Net - Business Coaching - Accounting

The IRS Wants More of Your Money!

The Ground Rules in Playing the Tax Game with IRS Have Been Changed

If you have a business with deductible expenses and you want to keep these deductions, you must have solid documentation of all business expenses.

Here is what is happened already:

Over the past several years the IRS has addedmany new forms to track your financial activities.
Many of these new forms, prepared by banks, brokerages, title companies, and other financial institutions, are filed electronically.
IRS computers cross-match the information from these forms to various income tax returns. A process made more efficient by electronically filed tax returns.
Computer capabilities have dramatically increased enabling the computers to process more return information to determine audit potential.

The Money Pump

This money pump represents the way you generate cash for your personal use. If you are an employee the outflow from the pump represents the cash generated for your employer from your efforts.

Your share is mostly represented as your wage. If the pump represents your business the outflow is the gross cash generated by the operations of the business.

What You Need to Know Before Starting a Business

Critical Areas of Consideration

Creating A Business

Most people who want to start a business have the same question, what do I need to know to have a business that works? Building a successful business remains one of the great mysteries in our modern society. Is the secret luck, hard work, who you know, what you know, or unknowable? While there are many sources of information on each of the various parts of a business, none seem to be complete, because it is a very complex process.

Business Help

Tax Help

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