The Tax Gap: Who is at fault and how do we close it?
Did you know roughly 99% of taxes due on wages are paid to the IRS, but compliance on other sources of income is only estimated to be about 45%? The IRS has definitely discovered that Americans are most likely only going to pay when they know the IRS knows what they owe. This is where […]
4 Tax Reduction Strategies For People Who Are Self-Employed
As a self employed business owner, you are in charge of finding a tax reduction strategy that benefits you. We’re discussing four tax reduction strategies that will apply to you if you operate your business as a proprietorship. As always, there are so many ways to reduce taxes, but these are just a couple of […]
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Small Business Tax Filing Advice: How to avoid an audit.
With the IRS planning to increase tax audits by 50% this year, your small business could be targeted. An audit only happens when the IRS is suspicious that your tax forms aren’t accurate or truthful. Therefore, it’s important to take many precautions during the tax preparation process before you file. Numbers matter: When it comes […]
Small Business Tax Deductions You Should Know
Due to the unexpected financial losses small businesses faced in 2020, getting the most from your tax return will be of high importance this tax season. This is where small business tax deductions come in to save the day! Tax deductions help decrease your taxable income, therefore reducing the amount of tax you end up […]
Find out which business tax breaks you’re eligible for due to the new enacted CAA
The Consolidated Appropriations Act provides over $2.3 trillion in funding which includes $900 billion in stimulus relief for the COVID-19 pandemic. The CAA was signed into law on December 27, 2020. Along with the newly enacted CAA comes new federal income tax breaks for businesses while also extending other breaks that were going to expire […]
The IRS backlog and what it means for taxpayers
According to the Government Accountability Office and the Taxpayer Advocate Service, the IRS is not keeping up with paper tax returns. The COVID-19 pandemic has definitely played a factor in this as last year’s tax season was in full swing during the beginning of the pandemic. By December of 2020, the IRS had acquired a […]
IRS Delays Tax Filing Deadline to May 17: What To Know And How We Can Help!
Due to an overwhelming amount of pandemic-related tax changes, the IRS has decided to extend the tax filing deadline to May 17. This delay is necessary as many Americans will need the flexibility and time to gather what they need for the 2020 tax preparation process. This change will happen automatically; no extra paperwork is […]
Owe Additional Tax? Read These Tips On How To Use Reasonable Cause
Finding out that you have tax penalties from the IRS might be scary at first, but before you get worried, do your research and remember you have options; reasonable cause being one of them. Reasonable cause is based on the facts and circumstances of your specific situation. You have to provide proof that the reason […]
Setting Yourself Up to Fail in Retirement
One or two mistakes in handling your retirement money could mean paying a stiff penalty as you grow older — whether financially, or in the emotional drain that “guessing wrong” can take on you. Watch out for these mistakes we’ve seen people make over the years… Obsessing about market losses (or gains). Focus on your […]