Category Archives for BUSINESS TAXES
Is an Offer in Compromise Right for You and Your Situation?
Offer in Compromise (“OIC”) is a program developed and run by the IRS allowing taxpayers to settle their tax debt for less than the full amount they owe. This is a useful program to look into if you
Read MoreCan the IRS Garnish My 1099 Earnings?
Yes! IRS 1099 Non-Wage Garnishment works similarly to W2 Wage Garnishment but no employer is involved. Because of that, there are some key differences.If you owe taxes to the IRS from a prior tax year,
Read MorePaycheck Checkup Prevents a Tax-Time Surprise!
It’s important to check your federal income tax withholding now to avoid an unexpected tax bill or penalty with next year’s return. The IRS Withholding Calculator can help you conduct a Paycheck Checkup.Basics
Read MoreCelebrity Attorney Adds Tax Evasion to His Web of Crime
IRS Terror Tale: Celebrity Attorney Michael Avenatti Faces a LOT of Prison Time for Tax CrimesMichael Avenatti has been a high-profile attorney for decades but only recently stepped into the public eye
Read MoreStandard Tax Deduction: How Much It Is and When to Take It
The standard deduction reduces your taxable income. For 2018 taxes, the standard deduction is $12,000 for single filers and married filers filing separately, $24,000 for married filers filing jointly and
Read MoreTreasury Cuts Penalties for Taxpayers Who Got Confused about Withholding
The U.S. Treasury Department is again reducing penalties for taxpayers who didn’t pay enough of their tax bill throughout the year.Taxpayers who paid at least 80 percent of their estimated tax liability
Read More10 Things You May Not Know Are Taxable
If you work for a living, you know that your wages are taxable, and you’re probably aware that some investment income is taxed, too. But the IRS doesn’t stop there.If you’ve picked up some extra
Read MoreNice-Try Tax Breaks Rejected by the IRS
Over the years, taxpayers have concocted a lot of zany arguments to justify their tax breaks. Here are some of the most creative ones that the courts decided did not quite work. Take note: many of these
Read More5 Tax Strategies for Small-Business Owners
Many small-business owners don’t take full advantage of the opportunities available to them to reduce what they pay in taxes. Below are a few often-overlooked tips to consider. Small-business owners
Read MoreDeducting Mortgage Interest in 2018
The deduction is still there, but you might not be able to use it anymore. One of the most popular and lucrative tax breaks has been the deduction for mortgage interest, and while tax reform didn’t
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