How Do I Know If My Business Is In Tax Trouble?

Checking in with your business finances on a regular basis can help you predict tax issues. You don’t want to get tangled up with the IRS or end up with financial problems so large that you cannot overcome them. While it can be humbling or even anxiety-inducing to take a hard look at the numbers, it should be a regular part of your to-do list. If you suspect you may already be facing tax issues, it’s time to talk Read More

Tax and Recordkeeping Tips for Businesses With Seasonal and Part-Time Employees

Some businesses see surges during different parts of the year while others may only be open during parts of the year. These businesses will hire seasonal employees to cover the limited time they are needed. Whether you’re hiring seasonal or part-time help during this time, it’s important to know the different recordkeeping and tax procedures that apply to these employees. We previously talked about recordkeeping Read More

Which Assets Are Protected From the IRS?

Taking on the Internal Revenue Service (IRS) can be scary. It’s a massive federal agency focused on making sure the government gets money out of you. When most people get a letter from the IRS, their first question is what it’s going to cost them. We hear from clients all the time wondering what valuable assets the IRS is going to come after when they owe money. It can feel like all your hard work is about to go Read More

How IRS Liens Impact Selling or Refinancing Your Home

Real estate and home buying can be stressful but fulfilling. Ultimately, you may purchase the house of your dreams just to later decide you either need to sell it to move elsewhere or to refinance your home to create more financial flexibility. These decisions are not to be taken for granted as the costs associated with each can get into the hundreds of thousands of dollars. When you have an IRS lien on your Read More

Joint Tax Liability and the Innocent Spouse Relief

The modern tax code places liability on both spouses. This means the Internal Revenue Service (IRS) will look at the tax failures of one spouse as a failure on both spouses. The IRS could expect both spouses to pay off the entire amount owed or simply split any owed taxes between the two spouses. This makes sense as married couples are often financially dependent on one another, but what happens if my spouse Read More

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