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Summary: If you are being audited by the IRS, there is a way out! Learn how to appeal an audit in this free video clip about business tax deductions.
Views: 1,769 | Tags: file, rules, service, filing, internal, taxes, irs, tax, deductions, deductibles, revenue, audit
About the Expert
Tom Choisnet Tom Choisnet was born, raised, and educated in San
Bernardino, California where he has his practice today. He has been in self-employed tax practice fo... read more
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Questions & AnswersHi. I'm Tom Choisnet. Enrolled agent. In this segment I'm going to talk about cash basis accounting. Most people don't realize this but all taxpayers by default are cash basis taxpayers. And most of the tracking systems that we have to determine whether you've reported the right amount of income are based on cash basis information. Cash basis simply means that you report income as received and expenses as they are paid. This even carries over into salesmen who might earn commission in December and get paid in January. It is January income. That's just a little bit of a synopsis of what they mean by cash basis accounting and it does clear up some of the confusion you might have. The other means of accounting is accrual and there are some people who much use accrual accounting and I will discuss that a little more in another segment. So, thank you for watching this segment. I'm Tom Choisnet, enrolled agent.
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