1. 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

  2. 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

  3. 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

  4. What Happens if the IRS Classifies Your Business as a Hobby?

    The IRS assumes that you have started your own business in order to be profitable. So if your business is claiming a net loss for years and years in a row, or your business doesn’t meet other requirements, the IRS may decide that your business is a hobby. This can get messy if you want to claim your deductions—you’ll have to prove that you had a valid profit motive. Earning Profit If you are…Read More

  5. 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

  6. 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

  7. 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

  8. 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

  9. What Classifies as Tax Fraud over Negligence?

    Believe it or not, the IRS estimates that only about .0022 percent of taxpayers are convicted of tax crime each year. However, they also claim that around 17 percent of all taxpayers make serious mistakes and do not comply with the tax code. On top that, individual taxpayers are the ones who commit 75 percent of all tax fraud—not corporations. So which violations are people making, and why isn…Read More

  10. Should I Hire a Tax Attorney, CPA, or Someone Else?

    You might be well aware of the fact that you require the assistance of a tax professional, but where exactly should you turn? Could an accountant help you better, or are you in need of an IRS tax attorney to help you recover from an audit? Today, we would like to talk to you about the different types of tax professionals available to help you so that you may be better equipped to choose one who ca…Read More