R. Kenner French discusses the top 10 IRS tax tips for entrepreneurs in 2024. The main focus is on lowering tax liability and maximizing deductions. The conversation covers topics such as organizing financial records, reporting all income, using the IRS website as a resource, understanding filing options, e-filing, getting answers to tax questions, using direct deposit for refunds, and double-checking tax returns. The conversation concludes with a reminder to consult with a tax provider for personalized advice.
Takeaways
• Organizing financial records can make tax preparation easier and potentially save money.
• Reporting all income is important to avoid penalties from the IRS.
• The IRS website is a valuable resource for tax forms, information, and changes.
• Understanding filing options and considering a consultation with a tax provider can help optimize tax returns.
• E-filing is a convenient method that reduces errors and speeds up refunds.
• The IRS website's interactive tax assistant tool can provide answers to tax questions.
• Using direct deposit for tax refunds can result in faster returns and increased security.
• Publication 17 is a resource that can provide valuable information for saving taxes.
• Double-checking tax returns is important to catch errors and ensure accuracy.
• Consulting with a tax provider is recommended for personalized advice and assistance.
Sound Bites
• Lower your tax liability because you're an entrepreneur and you want to make sure that you're lowering your biggest expense and that being taxes.
• Getting all your papers in order.
• Report all your income.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
