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…
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…
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…
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…
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…
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…
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…
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…
Top Business Tax Audit Triggers
You can ask any small business owner what they would like to avoid most when it comes to their company, and we are sure most of them would respond with “a tax audit from the IRS.” It’s no wonder why – these audits can lead to disaster and financial ruin if things are handled incorrectly….
When and Why You May Need an IRS Tax Attorney
What can you expect when you have IRS tax issues? Can you handle them on your own, or is it best to hire an attorney to represent you? The IRS is not an agency you want to cross, and unfortunately, everything they deal with is very sensitive when it comes to the consequences. Even the…