If tax preparation is not your specialty, it is highly advised you don’t do it on your own. Fortunately, a professional tax preparer can be hired to handle your business’ tax preparation. Asking questions is always a great way to get a feel of the person you are hiring as…
The IRS offer in compromise is a program for taxpayers to settle back tax debt for less than the amount owed. This may sound crazy, even scammy, that the IRS will actually settle for less than the amount you owe; however, this really is a legitimate option for certain, qualified…
When looking to outsource their tax preparation, many businesses are still dependent on CPAs or Certified Public Accountants. However, with changing trends and in order to obtain better benefits, Enrolled Agents (EA) are slowly turning to be a popular choice among startups, small businesses and even full-fledged organizations. Let us…
One of the most prominent tax deductions for this 2018 tax year is the 20% Qualified Business Income (QBI) tax deduction, also known as Sec 199A of the IRS tax code. Effective for tax years beginning after December 31, 2017 and before January 1, 2026 taxpayers that are not corporations…
As a homeowner you will want to be sure maximize your tax deduction, here is a list of the documents you will need to prepare your tax return as a homeowner. 1. 1098-Mortgage Interest Statement 2. Real Estate Tax Receipts 3. DMV Registration Bill 4. Charitable contribution receipts. 5. W2s…
S-Corporation Save Tax First off for clarification, as most don’t know the difference, an S-Corporation is not always a corporation. An S-Corporation is strictly just a tax entity, whereas an LLC or Corporation are legal entities. However, in order to be taxed as an S-Corporation, you will need to first…
Recently, the IRS has unleashed four private debt collection agencies to farm out tax debts. In 2015, under Section 32102 of the Fixing America’s Surface Transportation Act (FAST Act), Congress authorized the outsourcing of tax collections by the IRS to 4 private agencies. Now the IRS has recently begun to…
Driving for Uber or Lyft has the benefits of being self-employed, however it also comes along with the responsibilities of owning your own business. The IRS treats Uber and Lyft drivers as businesses which then has separate filing requirements when it comes to tax. Unlike employees and wage earners who…
A Tax Resolution company is a tax business that specializes in resolving back tax debts for individuals or businesses with the IRS and State. Unlike your normal tax offices like H&R Block or CPAs who only deal with current year tax returns, Tax Resolution companies file back tax returns and…
Cryptocurrencies And Taxes taxLately, I have noticed a small but consistent increase of employers using Bitcoin and other cryptocurrencies to pay their employees instead of using physical currency. I started to research more about cryptocurrencies and if, these virtual currencies, are also subject to taxation just as much as physical…
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