1. Trump’s New Tax Plan – What to Expect

    Trump’s New Tax Plan – What to Expect The new tax plan President Trump and Congress have proposed seems to offer an assortment of pros and cons for individuals and families. Even as it is ever-changing, some will see higher taxes; some will experience lower taxes overall. But still, the effects depend greatly on the taxpayer’s situation. Here we try to summarize the net effects among various…Read More

  2. IRS Innocent Spouse Relief

    https://www.youtube.com/watch?v=NBJ4mALwPOw&feature=youtu.be We all know that our tax system allows couples to file their taxes together, but what can a spouse do when they find out their significant other has been filing taxes improperly, or worse, not at all? Is there a way to protect their assets? As it turns out, yes! This program is called innocent spouse relief, and you can file for it i…Read More

  3. IRS Prosecution for Not Filing Income Tax Return

    Regardless of what you may have heard, it is Constitutional to pay taxes. Unless you make less than the federal exemption amount, everyone is required to file a tax return with the federal government. If you are found guilty of intentionally failing to file your tax return, you can end up with harsh penalties that include prison time and around $100,000 in fines—and that doesn’t even include t…Read More

  4. Reporting Taxes for Self-Employment Part 2

    In our previous blog post, we discussed the top three sections of your Schedule C form. If you are a sole proprietor, then you will need to prepare and file a Schedule C every year that you are in business. This is to show the IRS whether you had taxable profit or deductible loss during the past year. While this form may not seem that important, even the smallest mistakes can lead to the IRS knock…Read More

  5. Reporting Taxes for Self-Employment

    Schedule C If you are a sole proprietor, then you know that each year, you need to prepare and file a Schedule C with your 1040 in order to show the IRS whether your business has had taxable profit or deductible loss. While this can seem like an overwhelming task, filing will be simpler than you expect as long as you plan ahead and keep thorough records of your finances through the year. Today, we…Read More

  6. Quick Tax Tips for Small-Business Owners!

    When it comes time to file taxes for your small business, you probably already know the basics. However, how can you make the most of this tax season and your tax returns? You probably know the simple tips, like keeping every receipt. They can add up to quite a few deductions! Also, keep track of everything in a log that you can consult when tax season comes. Carry Your Health Credit The health ca…Read More

  7. Taxes and Closing Your Business

    You may be planning to close your business, which means that you have a lot to think about before you can finally call it quits! Don’t forget to the put the IRS on your to-do list, as tax laws dictate that you need to keep the tax agency informed of your decision. Make sure you know what you do when you close your business, as any missteps could lead to the need for an IRS tax lawyer! Taxes: Dos…Read More

  8. How to Make a Charitable Donation Count on Taxes

    As many people know, charitable contributions to their community don't just make a difference—it also provides an opportunity to relieve your tax burden for the year. In fact, this tax benefit is a massive reason why so many donors give; more than two-thirds of donors with a high net worth have said they would decrease their giving amounts if they were not given such a nice tax deduction for doi…Read More

  9. Tax Debts and Bankruptcy

    What happens when the taxes you owe to the government are more than you actually have? This can be a tricky situation, and many people who find themselves owing more than they can afford require legal assistance from an IRS tax lawyer. In many situations, the debtor will still need to pay back their tax debt even after they declare bankruptcy. However, the laws of bankruptcy will sometimes allow f…Read More

  10. Taxes on Prize Money

    It feels pretty good to win money, doesn’t it? Whether you hit it big at a casino, called into the radio at just the right time, or won a sweepstake, you earned a prize you didn’t have before. While winning these things might feel good - or incredible! - keep in mind that these prizes are taxable. If you are wondering how these prizes are taxed, read on to learn more. We at Tax Law Offices som…Read More