1. How Tax Liens Affect Your Credit Score

      Tax liens have an indirect effect on credit scores and make it difficult to secure loans or get funding from outside sources.    Having a tax lien on your home or business used to be a death sentence for credit scores. The lien would be reported to the three major credit reporting bureaus, Equifax, Experian, and TransUnion, and could remain on there for up to seven years, even if you …Read More

  2. Will a Government Shutdown Delay My Tax Refund?

    Another government shutdown could certainly slow down tax return processing. This could indeed delay refunds. Here are a few things to think about: 1) Anytime the government "shuts down," that event does not affect all employees the same. Generally, only non-essential employees are told to stay home. Similarly, only non-essential services are cut. However, these non-essentials include many of the …Read More

  3. When Your Boss is Evading Taxes

    Most of the private companies in the U.S. are formed as pass-through entities. This means that the income received goes to the owners, and this income is taxed as personal income tax. Depending on where you live, these income tax rates can get as high as over 50 percent. With that said, these high taxes cause some business owners to do all that they can to reduce the amount they need to pay to the…Read More

  4. Getting Ready for Tax Season – Part Two

    Tax season is just around the corner, so it’s time to start thinking about what you’ll need to ensure that this tax return time is smooth and easy. In our last blog post, we mentioned three of the top ways to prepare for the upcoming tax returns. For example, make sure to include your Social Security numbers when you file. Include your income tax forms, and make sure to keep track of all of yo…Read More

  5. Getting Ready for Tax Season – Part One

    Tax season is almost here! Are you ready? Many people forget about it until it’s too late and spend their days scrambling to collect all the necessary paperwork. However, you don’t need to be frazzled and frustrated with a little bit of planning ahead! The key to successful tax reporting (and avoiding audits!) is to have everything at your fingertips. By preparing ahead of time, you’ll be re…Read More

  6. Calculating and Paying Taxes for New Business Owners

    If you’ve recently opened a business, then congratulations! We are excited for you to begin this new chapter of your life. However, chances are you’ve just begun to give serious thought to your taxes and how that whole process will work. What are estimated taxes? Who has to pay them, and how do you pay them? Today, we are going to share some information from the IRS Estimated Tax Guide to help…Read More

  7. What Documents Should You Keep for Taxes?

    Most people collect quite a few financial documents during a year, so it’s no surprise that some end up being tossed, others end up stuffed in a drawer, and few actually make it to the filing cabinet. However, if you are trying you couple your tax filing with some spring cleaning, be careful! While many people think that they are done with their taxes from the previous year and they can toss it …Read More

  8. Losing Your Passport for Unpaid Taxes?

    Most Americans have a general understanding of what can happen when it comes to neglecting to pay or file taxes. There are late fees, fines, and possibly even wage garnishment to be concerned about. In more serious cases, there can even be prison time. However, now losing your passport is added to the possible list of taxes punishments! Those citizens who are seriously delinquent in their tax debt…Read More

  9. Top Tax Law Questions

    Tax season can certainly bring some stress, and we understand why. While some people know that they will be receiving a return, for others, this may be far from the case. If you are stressing about tax season, read on to see if we can answer some of the most commonly asked questions about tax law. Here are some of the top questions people like you are trying to find answers for. Who doesn’t file…Read More

  10. Common Myths About Tax Audits – Part Two

    Hello, and welcome back! In our last blog post, we began discussing some of the top reasons why people fear audits from the IRS and common myths folk have about what the IRS does to people who need an audit. Today, we are going to continue discussing these myths. Read on to learn more, and contact Tax Law Offices today for IRS tax attorney assistance if you find yourself facing an audit. Myth: Tho…Read More