Business > Small & Home Business Tips for small business owners during the current economic climate

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Don't let the housing market, rising gas prices and the election year fears negatively affect your business. Traditionally small businesses have been hurt the hardest when the economy takes a downturn, but traditions do not need to be repeated. Today's small business owner has the resources to plan, monitor and take correctiv... More..

Personal Finance > Taxes Are car expenses and public transportation tax deductible?

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Your car expenses and public transportation can be tax deductible under the following situations:1. Medical purposes2. Charitable purposes3. Employment relocation4. Trade or Business purposesTaxpayers are allowed to deduct car expenses if the car is used as transportation for medical care. Taxpayers can deduct either the actu... More..

Business > Small & Home Business Tips for reporting small business tax returns in the US

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The IRS is constantly monitoring new businesses to make sure that they are not established solely for tax breaks, so when you start a new business make sure you do it correctly in order to protect any initial losses you may incur.If your business loses money, you can use losses to offset income from wages, interest, dividends... More..

Personal Finance > Taxes How to avoid being audited by the IRS

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There is no surefire way to avoid being audited by the IRS as most taxpayers are selected for audit in one of two ways:1. You were selected at random or2. The IRS computer selected your return as one with a potential misstatement or possible error.Even though you can't avoid an audit entirely, there are ways you can "audit-pr... More..

Personal Finance > Taxes Choosing a tax preparer

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There are four different kinds of tax professionals :1. Tax preparers2. Enrolled agents (EA)3. Certified Public Accountants (CPA)4. Tax attorneysTax preparers generally have the least amount of training and formal education among those who can help you prepare a tax return. Many work for nationwide tax preparation firms, such... More..

Personal Finance > Taxes Tax evasion and tax prevention: Knowing the difference

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The President and Congress determine how we will be taxed and how much we will be taxed. Income taxes are required to be paid year round through either withholding or estimated tax payments. Failure to pay the taxes that you owe is tax evasion.We have a progressive tax system. This means that all taxpayers are not taxed equal... More..

Business > Entrepreneurship (Other) Understanding the different types of businesses in the US

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When deciding which entity you should use for your new smallbusiness most business owners focus on two fundamental issues:1. Removing your personal liability for the business debtsand2. How will the business entity be taxedThere are pros and cons for each entity choice and there is no oneright entity. If there were, then ther... More..

Personal Finance > Taxes Disproving the myth that taxes are illegal

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In the United States we have what is called a "voluntary" tax system. Because it is called a voluntary tax system some people believe that you do not have to pay taxes. This is false.Everyone has to pay taxes, but we don't have to pay more taxes than the law allows. Our tax system is called a "voluntary" tax system because we... More..

Personal Finance > Taxes Amending your tax return

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You are allowed to file an amended return to correct any mistakes you make the first time you filed your return. Many people mistakenly assume that amended returns are more likely to be audited. I have not seen this in my practice. As long as you can support your amendments you should not be afraid to amend your returns. I do... More..

Personal Finance > Taxes Determining tax deductible expenses

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There are volumes of books written about tax deductible expenses for various businesses. Tax deductible expenses for individuals includes:1. Adjustments to income2. Itemized DeductionsAdjustments to income are a group of specific deductions that reduce your tax by reducing your taxable income. Depending on your income and cer... More..

Gina L Gwozdz CPA

Amarillo, Texas US

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Gina L. Gwozdz, CPA

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Articles Written: 10

Recent articles

1. Tips for small business owners during the current economic climate
2. Understanding the different types of businesses in the US
3. Tips for reporting small business tax returns in the US
4. Amending your tax return
5. Tax evasion and tax prevention: Knowing the difference
6. Choosing a tax preparer
7. Determining tax deductible expenses
8. Are car expenses and public transportation tax deductible?
9. How to avoid being audited by the IRS
10. Disproving the myth that taxes are illegal

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