Blog

  • Is This Business Expense Deductible? 3 Tests To Find Out

    The ability to deduct business expenses is one of the biggest means of reducing your business's tax bill. But not everything you or your company pays for is deductible. Each expense must pass a few key tests before they are legitimate tax deductions. What are some of these tests? Here are three of the most common and most important.  1. The Expense Must Not Be Disallowed First, some categories of business expenditures are explicitly stated as not being allowed by the IRS rules.
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  • Need Immediate Tax Advice For Past Returns You Did On Your Own For Your Business? What To Do Now

    Working on your own and from home and running a business requires a lot of financial management, and if you think you are in tax trouble, you want to talk with a tax professional. If you worry that you filed your taxes improperly the last time you filed, and that may be in trouble, you want to get on top of the problem right away. If the IRS has flagged your taxes already and you are being audited, this is another reason to get help fast.
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  • IRS Troubles: 3 Things You Probably Didn't Know You Could Do

    A letter from the IRS can strike fear in the hearts of many Americans. Before you panic about levies, fines, and frozen assets, call a tax professional. You may be surprised at how easy it is to come to a satisfactory resolution with the IRS. In fact, there are probably solutions to your tax problems that you have never even heard of.  Innocent Spouse Tax Relief The innocent spouse tax relief program is just what it sounds like — help for a spouse who had no idea what was erroneously reported or omitted from a tax return.
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  • Can Your Old Tax Returns Be Audited?

    You file your taxes, the return is accepted, and you even receive your refund in the mail — tax season was a success, right? The answer to this question is not always yes. The reality is that the IRS does have a legal right to audit your tax returns, even after a return is completed. While the general audit guideline is three-years, in certain situations, the IRS can request an audit beyond this timeframe.
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  • Got A Tax Bite This Year? 5 Steps For Next Year

    Many Americans have discovered that their 2018 income taxes were vastly different than their 2017 taxes — often resulting in significantly lower refunds or even amounts due. If this happened to you, what should you do to ensure that 2019 isn't a repeat? Here are a few steps to take. Consider a Pass-Through Entity. Pass-through entities are small business ventures that don't file separate taxes from the owners. They generally include LLCs, sole proprietorships, and partnerships.
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  • New To Filing Taxes? What You Need To Know About Filling Out A 1040 Tax Form

    Most individuals fill out a 1040 tax form. This tax form is the general tax form that most individuals use for filling out taxes. Although this is one of the easier tax forms to fill out, it still requires a lot of information and attention to detail be used while filling out the form.  Start with Personal Information At the top of the tax form, you just need to provide your basic personal information, such as your name, address, and social security number.
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  • 3 Tax Tips For Low-Income Individuals

    If you fall into the low income bracket this tax year, there are a few things that you can do to ensure that you reduce your tax burden and maximize your return come tax time. #1 Contribute to Your Retirement Fund If at all possible, try to contribute to your retirement fund. You will get a tax credit for contributing to your retirement fund. This tax credit is larger if you are in a lower income bracket than if you are in a higher income bracket.
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  • 5 Things To Deduct As A Business Expense As A Delivery Driver

    There are lots of different ways to be an independent delivery driver in today's economy. You can deliver groceries, food, medication, and all sorts of supplies as a delivery driver. If you just started as a delivery driver this year, make sure that you are keeping track of all of your business expenses so that you are able to claim as many deductions as possible. Mileage One of the biggest deductions that you can take when you are a delivery driver is mileage.
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  • Your Responsibilities As A Restaurant Owner For Reporting Tips

    For wait staff, tips often make up a large percentage of the wait staff's income. If your business is allowing customers to accept tips, you will need to be prepared to perform the accounting necessary to report these tips properly. Cash Vs. Credit Cards With cash tips, the process is not as difficult. The wait staff keep the tips and are required to report any tips they earn. However, customers often do not have cash and rely on credit card tips.
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  • Three Tips To Help You Pay Off Your Debt To The IRS

    If there is one entity to whom you do not want to be in debt, it is the IRS. You cannot discharge tax debt in bankruptcy, and you can be fined -- or put in jail -- for not paying your taxes. Thankfully, the IRS is willing to work with people on repaying their tax debts, and as long as you have some sort of repayment agreement with them, you should not find yourself in danger of being charged with a crime.
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