Tax Audit – how to avoid an IRS audit

First Financial Starting a Business, Taxes 0 Comments

Tax Audit – Why do people get audited? In 2012, the Internal Revenue Service (IRS) collected more than $2.5 trillion in revenue and processed more than 237 million tax returns.  In 2014, the IRS conducted tax audits on only 0.86% of all individual returns.  While that is a very small percentage of tax audits, there are ways to further decrease the odds that …

Registering your business with the government yourself

First Financial Franchise Purchase, Starting a Business 0 Comments

Registering your business and opening a bank account There are 2 very basic steps to legally opening a business in most states.  First is to register your corporation (C-Corp) or Limited Liability Company (LLC) with the Secretary of State.  Second is to apply for an EIN for your business from the IRS.  An EIN (Employer Identification Number) is like a Social …