(Quote) “We contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.”
I read an interesting article published by Forbes which is a huge reminder that we need to always be mindful and aware of what the IRS considers taxable which is just about EVERYTHING. Should we forget to include even the oddest sources of income there could be tax ramifications from the IRS. Here are a few examples:
- Selling cars, furniture or family heirlooms
- If you sell something for $200 that you paid $150 for that is a $50.00 gain. If you do not prove your basis the IRS will review the whole $200 as income.
- Any type of work you are paid cash for such as babysitting, giving a friend a lift to the airport is taxed.
There are many instances this would apply to you. It is important to review all of your business dealings large and small.
At Shaw Financial Services we do a thorough analysis of your situation and give you sound advice on how to proceed with your taxes minimizing your risk and saving you money. Contact us today for a free analysis. Let us help you with all your financial and accounting goals.
In addition to Tax preparation/Accounting, Other areas of expertise include but are not limited to the following :
- Business Consulting
- Risk Tolerance Analysis
- Estate Planning
President of Shaw Financial Services