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

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

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

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

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

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

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

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