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Managing cash flow effectively is a must for small business owners, especially when it comes to meeting tax obligations. By monitoring finances closely and planning strategically, you can avoid common pitfalls and ensure your business remains financially healthy. 1....
If you receive a letter in the mail showing the return address of the Internal Revenue Service, your first reaction may be one of panic. Did they find a discrepancy in your 1040 return? Do you owe additional taxes? Surely they don’t accuse you of tax fraud — do they?...
For many different reasons, working from home has become exceedingly popular in the last couple of years. Whether you mostly work out of your home office or only use it on special work occasions, you may be eligible for a valuable tax deduction. Many taxpayers believe...
Unless you stand to receive a handsome refund, you probably do not enjoy tax time. After all, not only must you gather financial records, but you also must try to determine how much the Internal Revenue Service believes you owe in taxes. Furthermore, even if you make...
According to the Washington Post, there are a lot of myths surrounding tax evasion. Tax issues are often complex, and most taxpayers lack a real understanding of the pertinent rules and regulations. By gaining a better understanding, you can potentially sidestep...
Many business owners are so busy running their company that they do not have the time to focus on their personal finances. It is a lost opportunity to legally lower one's tax burden using viable tax deductions created for retirement, particularly if the business is...
The Internal Revenue Service has updated its’ Employee Plans Compliance Resolution System (EPCRS) that allows plan sponsors to correct overpayments and certain plan failures. As of July 16, the sponsor no longer needs to file a Voluntary Compliance Program (VCP)...
President Joe Biden recently proposed a new top tax rate on long-term capital gains and qualified dividends. The federal rate would be 39.6%, with another 3.8% federal surtax as well state taxes. This adds up to a total rate of nearly 49%, a jump from 29.2% for people...
Cryptocurrency has been around for over a decade now. While some people shy away from investing in this unpredictable new form of carrying out financial transactions, others have made it a point to include various cryptocurrencies in their diverse investment...
An offer in compromise (OIC) might allow you to pay off your back taxes completely, but it’s not a guaranteed choice. To begin, all an individual must do is file a request with the Internal Revenue Service (IRS.) The trick is getting the IRS to agree. How to convince...