13 Tax-Deductible Expenses Business Owners Need to Know About

As a business owner, it’s essential to know what expenses are business tax-deductible. Otherwise, you risk paying more in taxes than necessary or potentially getting into trouble with the IRS for taking inappropriate deductions. Here are some tax-deductible expenses every business owner should know about.  ⦁ UtilitiesIf there’s a utility that you use solely for your […]

IRS Tax Tips for Starting a Business

When you start a business, a key to your success is to know your tax obligations. You may not only need to know about income tax rules, but also about payroll tax rules. Here are five IRS tax tips that can help you get your business off to a good start. Business Structure.  An early choice […]

How Can American Expats Reduce their IRS Taxes?

Americans living abroad are still required to file US taxes. The US is the only country that requires its expats to file. It is because the US taxes based on citizenship rather than on residence. This leaves the millions of Americans who work abroad at risk of double taxation,  paying taxes in both the country […]

IRS Simplifies Surviving Spouse Portability Election

The Internal Revenue Service has released a revenue procedure that offers an easier way to get an extension of time to file a return to opt for portability of the deceased spousal unused exclusion amount. Revenue Procedure 2017-34 applies to estates that aren’t typically required to file an estate tax return because the value of […]

IRS Warns of New Phone Scam Involving Bogus Certified Letters

The Internal Revenue Service today warned people to beware of a new scam linked to the Electronic Federal Tax Payment System (EFTPS), where fraudsters call to demand an immediate tax payment through a prepaid debit card. This scam is being reported across the country, so taxpayers should be alert to the details. In the latest […]

How to Remove Assets from a Taxable Estate

A simple and basic estate planning tool is a revocable living trust (RLT). Revocable means it can be changed; living, because you are alive; and trust which is a legal document. The point of a RLT is to protect your assets from probate, the long and drawn out process that can take sometimes a year […]

Tips for Taxpayers Who Owe Taxes

The IRS offers a variety of payment options where taxpayers can pay immediately or arrange to pay in installments. Those who receive a bill from the IRS should not ignore it. A delay may cost more in the end. As more time passes, the more interest and penalties accumulate. Here are some ways to make […]

Many tax-exempts Owe heir 990s Soon

The IRS is warning nonprofits and their advisors that many tax-exempt organizations have a filing deadline for 990-series information returns next Monday, May 15. Form 990 information returns and notices are due on the 15th day of the fifth month after an organization’s tax year ends. For calendar-year organizations, May 15 is the deadline to […]

IRS Rollout for E-Services Upgrade

The Internal Revenue Service is planning June 18 as the tentative date for moving its e-Services platform to what it promises will be more secure and modern technology. In recent years, the IRS has experienced security breaches from identity thieves targeting several of its online self-service applications, including the Get Transcript app, the Identity Protection […]

Why we put off filing our taxes and how to stop it.

The 2017 tax filing season has been officially underway for just more than a week. Lots of folks have already filed their returns. And, according to ecstatic posts on social media, some have received their refunds. Other taxpayers, however, are waiting to file. Form-ulaic delay: Why the delay. In a lot of cases, folks haven’t yet […]

The IRS Taxpayer Bill of Rights and You

Taxpayers have fundamental rights under the law. The Taxpayer Bill of Rights presents these rights in 10 categories, which can help taxpayers when they interact with the IRS. This post highlights a list of taxpayer rights and the agency’s obligations to protect them. 1. The Right to Be Informed. Taxpayers have the right to know what […]

New IRS Private Debt Collection Program

The Internal Revenue Service has announced it’s new debt collection program and that it plans to begin private collection of certain overdue federal tax debts next spring and has selected four contractors to implement the new program. The new program, authorized under a federal law enacted by Congress last December, enables these designated contractors to […]

IRS Warns of Email Tax Scam

The Internal Revenue Service and its Security Summit partners have issued an alert to taxpayers to be on guard against fake emails purporting to contain an IRS tax bill related to the Affordable Care Act. The IRS has received numerous reports around the country of scammers sending a fraudulent version of CP2000 notices for tax […]

IRS Warns Of 2017 Tax Refund Delays

The Internal Revenue Service today issued a warning of 2017 tax refund delays for certain taxpayers, urging folks to adjust their tax withholding now. We’re talking about your 2016 taxes that are due April 15, 2017.  There’s good reason to pay attention—at least there’s something you can do about it. A couple things are to […]

Can Your Boat or RV be Claimed as a Primary Residence on Your Taxes?

Every few years, radical ideas sweep across the internet and capture the interest of so many people. Most recently, there have been a plethora of stories about folks looking for a simpler life. For some, that simpler life is a tiny house where the upkeep is low, the costs are low, and you strip your […]

Missed the Tax Deadline? Know the Late Penalties

April 18 was this year’s deadline for most people to file their federal tax return and pay any tax they owe. If you are due a refund there is no penalty if you file a late tax return. If you owe tax, and you failed to file and pay on time, you will most likely […]

Filing Taxes Early Can Help Prevent Tax Return Identity Theft

Tax return identity theft is becoming increasing more common—the latest General Accounting Office (GAO) report says that IRS paid out over $5.8 billion in fraudulent returns in 2013. The IRS does have security measures in place to verify the accuracy of tax returns and the validity of Social Security numbers submitted, but that hasn’t stopped […]

The 5 Most Common Payroll Mistakes by New Businesses

There are payroll mistakes that benefit employees, as well as those that benefit employers. But either way, a mistake is a mistake. If you come across any type of mistake, such as overpaying or underpaying employees, it is imperative to act fast, discuss the situation with your workers, and provide a remedy that will allow […]

Top Ten Year End Tax Planning Tips

The end of the year is a good time to evaluate your tax obligations so there are no surprises come filing time. Check out these top ten year end tax planning tips for what to keep in mind as you review your finances. Check on Congress The most important thing you can do this year […]

If You Get an IRS Notice, Here’s What to Do

Each year the IRS mails millions of notices and letters to taxpayers. If you receive a notice from the IRS, here is what you should do: Don’t Ignore It. You can respond to most IRS notices quickly and easily. It is important that you reply right away. Focus on the Issue. IRS notices usually deal […]