Does your small business currently hold tax-exempt status? Have you failed to file the proper returns with the IRS? If you answered yes to these questions, there is a good possibility that you're business is at-risk of losing its tax-exempt status. Luckily, the IRS has issued a one-time filing relief to owners in this situation. Her;s how it work- Certain small organizations can obtain a tax-exempt status. Most people automatically assume that all non-profits do-t pay taxes. Although many non-profit organizations receive state tax benefits...

Most business owners work to save as much money as possible during the startup of their business. While it may be easy to do without certain luxuries, there are some unavoidable costs that have to be paid one way or another. Acquiring the equipment necessary to run your business is one of those costs. Although leasing is not right for everyone, it is a good alternative to buying equipment, and in some situations it can be just what your business needs to succeed. Why should I consider leasing my equipment? Pro: Leasing allows businesses to...

An IRS audit is an impartial review of your tax return to determine its accuracy, not an accusation of wrongdoing. As a taxpayer, you have the burden of proving that your return is accurate. That said, an audit can be a time-consuming and frustrating process if you don't have your bookkeeping in order. In terms of avoiding a tax audit, the best offense is a good defense. Document All Income and Deductions. You can verify income, profits and earnings with supporting documentation. To document employee wages, especially when your...

While efforts to revitalize the economy are in full affect, credit for small and medium-sized businesses has remained tight. According to the National Small Business Association, their 2010 Mid-Year Economic report showed that 41% of small businesses are unable to get the financing they need, showing that financial confidence in the small business community remains stagnant. Fortunately, small business owners may have a reason to celebrate; or at least a reason for hope. Over the last year, four of the natio-s largest banks pledged to...