Trapped in the Family Business RSVP
August 13, 2012
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This material is generic in nature. Before relying on the material in any important matter, users should note date of publication and carefully evaluate its accuracy, currency, completeness, and relevance for their purposes, and should obtain any appropriate professional advice relevant to their particular circumstances.
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Business owners either established or just starting up, should maintain accurate records for income and expenses. Carefully documenting expenses is essential to claiming all eligible tax deductions. Having good standing records can help defend amounts reported on tax returns in case of an IRS audit or court challenge.
The value of an effective mentorship can make a difference in personal and professional growth of employees. Overall effecting the performance of individuals involved, increasing productivity, and fostering self-development through encouragement in the expansion of professional expertise.
Tax Tip: Tax credits are more valuable than a tax deduction, however they are not unlimited. The general business credit can limit the aggregate value of tax credits.
