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Tips for Avoiding an IRS Audit

Tips for Avoiding an IRS Audit

While audits are uncommon, most Americans would prefer to avoid them entirely. According to the IRS, the percentage of audited persons is relatively low, although it has gradually increased since 2008. If the IRS decides to probe your corporate partnership or individual taxes, there isn't much you can do about it. You may, however, lessen the likelihood of being singled out for this scrutiny by following the above tips.

1. Check Your Figures

When somebody provides you with a tax document that discloses income, like a 1099, that information is likewise reported...

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2022 vs. 2021 Income Tax Brackets 

2022 vs. 2021 Income Tax Brackets 

The Progressive Tax System 

Since it was first enacted during the Civil War, our income tax has been revised to use a "progressive" system. This is based on the theory that the national tax burden should be shared according to a taxpayer’s ability to pay. 

Thus, low-income taxpayers pay lower taxes than high-income taxpayers. The difference is not just the total amount of tax. The tax per dollar of income increases with the amount of income. For everybody, the first dollar of income is taxed at the same rate. But as income...

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Five Tips for Success in Your Property Management

Five Tips for Success in Your Property Management

Property management involves several areas of activity and can be a challenge, even for the most experienced managers. They are faced with constant changes in the market, and they deal with the concerns of tenants and landlords. 

They take charge of the fiscal and financial processes in addition to handling extremely vital documents. Plus, they need to attract new customers, close deals, keep employees motivated, and the company in good financial health. So, how to carry out property management effectively?  

Here are five essential factors to know for effective property management: 

Quality Accounting and Bookkeeping Services in Parkland, FL

Where can you get quality accounting, tax, and financial management services in South Florida? The answer is Friedman Accounting, Inc. in Parkland, FL. Since 1982, Friedman Accounting, Inc. has had our accounting and bookkeeping services designed and set to make jobs go easier. By handling a company’s accounting and payroll, we are giving their head department more time to focus on building their business in Florida. Friedman Accounting, Inc. has several individualized services for small businesses in industries like real estate accounting, legal accounting, hospitality accounting, manufacturing and wholesale trade accounting, and other service businesses. These services have given Friedman Accounting,...
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