Introduction The Small Taxpayer Safe Harbor and the De Minimis Safe Harbor are two simplified methods for accounting for business expenses that are available to small businesses. These safe harbors can help businesses to save time and money on their taxes. In this...
At the end of tax season, you might be wondering what you should do with all your paperwork. If you are like most people after filing taxes, you might have tons of pay stubs, canceled checks, receipts, tax forms, and various other types of documentation. While you...
Every year, American taxpayers owe out billions of dollars in tax debt. As such, it leaves many people wondering if there are ways to negotiate their tax debts with the IRS. In this guide, you will learn whether you have options to do so and what steps you need to...
Warning about IRS Tax Scams If there’s one thing you can count on scammers to take advantage of, it’s a global catastrophe. Any time there is an emergency, natural disaster, or common threat, scammers leap into action to attempt to rip your good intentions right out...
In the event that you are unable to pay your tax debt in full, the IRS has an option called “Offer in Compromise.” Essentially, this option lets you settle the tax debt you owe for less than the full amount.
Apply for Offer in Compromise Now that you understand how to prepare youself and what options are available, let's review how to present an Offer in Compromise. Remember, an Offer in Compromise is when you, the taxpayer, makes an offer to clear your debt for...
Understanding How to Prepare and the Available Options So, you got that initial tax notice that you owe the IRS and ignored it. Then, you started receiving bills stating that you owe and this time it includes penalties and interest. You ignored it. Why? Because...
Some of the easiest ways to get into hot water:If you forget one single step during your tax-paying year your, filing could be a bit of a nightmare. Keeping track of your incoming payments, your outgoing payments to contractors, etc. can be daunting, but they are...