Understanding an Offer-in-Compromise Settlement

If you’re here, it’s likely because you’re familiar with what an offer-in-compromise is and what it can do for taxpayers who are facing a mountain of federal tax debt they don’t believe they can pay off. That’s essentially what the goal of this form of settlement is: take care of that extensive debt without having to pay the full amount. This can sound enticing, especially for those who are sick of the IRS Read More

Steps You Need to Take If You’re Being Audited by the IRS

If you receive notice from the Internal Revenue Service (IRS) that your taxes are being audited, the clock is ticking. You’ll have time to get everything in order to make sure you comply with the audit, but it’s important to act right away so you don’t get yourself in any unnecessary trouble. We want to walk you through some of the first steps you should take in the moments and days after you receive a Read More

You’re Allowed to Avoid Paying Taxes

Now that we got past that headline, we want to make sure you noticed we said “avoid” and not “evade.” In our last blog, we talked about tax evasion and the stiff penalties that come with it. Today, we’re looking at tax avoidance which is completely legal and carries no penalties as long as you do it right. Tax avoidance is essentially using tax rules to your advantage to make the most out of your money BEFORE you Read More

Tax Evasion Could Ruin Your Life

For most everyday people, the Internal Revenue Service (IRS) handles tax season and not much else. For people with more complicated financial situations and money moving around, the IRS is the statutory body that ensures everything is above board and legal. IRS officials are constantly on the lookout for people abusing the system and stashing money illegally to evade taxes and commit fraud. If you’re caught, the Read More

Tax Deductions for Freelancers/Independent Contractors

The perks of freelance or contract work are aplenty. You get more freedom to do your best work, you can take on a diverse set of projects, and your paycheck won’t automatically have tax deductions. The drawback to that last point is apparent during tax season, however: you will eventually have to pay state, federal, and local taxes on the money you earned as a self-employed individual. We want to help you pay only Read More

Planning Ahead for Next Tax Season

We’re right in the middle of tax season, and we’ve already covered tax filing tips for small businesses, and some myths about the IRS audit process. But while we’re in this tax season, it’s important to know that the decisions you’re making today will have an impact on how your taxes look next year. “Tax season” can be misleading because it puts a specific timeframe on when a lot of people are looking at their Read More

Reminders For Individuals Filing Taxes

Filing your taxes can be one of the most difficult things you do all year. For some, it is as simple as plugging in a W-2 and calling it a day. For others, especially those surviving off of tips and freelance work, it is much more complicated and intricate. It is a process that tends to reward those who are organized - and leave those who are not-so-put-together pulling out their hair. As you work on filing your Read More

Reminders For Small Businesses Filing Taxes

Tax filing season can be hectic for small businesses. It is the time of the year when really dotting your I’s and crossing your T’s will pay off massively. It is the time of the year when having your records compiled and accessible will help you in a huge way - and not having them close by will cost you time and effort. What should small businesses be focused on as they go through their tax filing process? Here are Read More

4 More Myths About IRS Audits

When it comes to taxes, there are few things that people worry about more than getting audited. While an audit by the IRS is absolutely a serious event that needs to be addressed properly, it is not the nightmare that many people make it out to be. Learning about common myths and misconceptions related to IRS audits can help you to put any anxieties you have aside and just deal with the situation Read More

A Refresher for Section 179 Deductions

When your business is purchasing equipment, it is important to determine how you will be depreciating it for tax purposes. There are a number of different options that allow you to take the tax benefits up front in the year you purchase it, or they can be spread out over a number of years. Understanding all of your options will help you to make the right decision based on your company needs. The specific details of Read More