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Commonly Overlooked Business Tax Deductions

When you operate a business, whether a startup or an established company, you may overlook potential deductions that can save you money during tax time. As a business owner, you are probably familiar with some commonly used deductions, but other lesser-known deductions can reduce your tax bill even more. Continue reading for some of the […]

Written by prositesfinancialSep 7 • 2 minute read

Answering the Most Common Questions About IRS Audits

Whenever you file your yearly taxes, there is a possibility that the Internal Revenue Service may audit your tax return. The IRS carries out standard procedures to detect discrepancies or errors among taxpayers. If you are faced with an audit, you will need detailed information to help you understand your situation. Below are some of […]

Written by prositesfinancialAug 31 • 3 minute read

Important Tax Considerations if You Have a Foreign Bank Account

As a U.S. resident, owning a foreign bank account isn’t something you should take lightly. The IRS requires you to report your foreign bank account if your account balances exceed certain limits. As with any financial compliance issue, always make sure you consult with a skilled financial advisor or accountant regarding your foreign bank account […]

Written by prositesfinancialAug 10 • 3 minute read

Do I Need to Amend My Business Tax Return?

Realizing you’ve made a mistake on your business tax return is a stressful situation. Fortunately, businesses can amend their tax returns within three years of the original filing date. This can help your company get ahead of potential tax problems, resolving issues long before they attract audits or fines from the IRS. That said, not […]

Written by prositesfinancialJul 27 • 3 minute read

Understanding Capital Gains Tax

The government levies taxes on most income-generating activities. Investing and selling assets are income-generating activities, making the proceeds taxable under the capital gains tax. Here is a brief guide on how the capital gains tax works and tips to reduce your taxes. What Is Capital Gains Tax? Capital gains tax is a tax levied on […]

Written by prositesfinancialJul 20 • 2 minute read

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