Small Business Tax Tips: 5 Ways to Avoid IRS Liability

Running a small business involves juggling a dozen different responsibilities at once. However, there is one ball you simply cannot drop: your tax obligations. The IRS is notoriously aggressive when it comes to business compliance, particularly regarding monies held in trust. https://youtube.com/shorts/XyQGzyw3jXw?feature=share In this week's edition of "5 on Fridays," Managing Attorney Mark Milton speaks directly to small business owners about how to stay profitable, compliant, and—most importantly—out of trouble with the IRS. 1. Know Your Numbers (Income & Expenses) You cannot effectively run a business—or plan for taxes—if you don't know where you stand financially. Mark’s first rule is simple: know your monthly...