As a small business owner, you probably know that willfully avoiding paying taxes will lead to severe problems with the IRS; however, IRS problems aren’t always a result of a business owner’s intentional actions. These are five ways business owners can get into trouble with the IRS that they might overlook or not realize. 1. […]
To Own or Not To Own: The Benefits of Being A Property Owner
To own or not to own.; Are you thinking about whether or not to buy a home? There are some huge benefits to being a property owner. There are some standard deductions involved in owning a home. Let’s look at the top four: 1. You can deduct the interest you pay on your mortgage. 2. […]
Need to File An Amended 1040? Here’s How
If you realize that you made an error on a Form 1040 that you’ve already filed, the IRS allows you to fix it. Corrections are reported on an amended 1040. Maybe you forget to sign it or you entered the wrong Social Security number or birth date. Or you come across a 1099 that you […]
Payroll Taxes: Who’s Responsible?
Any business with employees must withhold money; payroll taxes from its employees’ paychecks for income and employment taxes. Including Social Security and Medicare taxes (known as Federal Insurance Contributions Act taxes, or FICA). A business that knowingly or unknowingly fails to remit these withheld taxes in a timely manner will find itself in trouble with […]
How To Deal With a Past-Due Tax Return
Filing past-due tax returns, could seem like a daunting task . “Better late than never” applies when it comes to filing past-due income tax returns. Here’s what you should know. Maybe you didn‘t get your 1040 done in time in a previous year and you figured you couldn’t still file your income taxes. Or perhaps, […]
Can’t Pay Your Income Taxes? Some Solutions
Can’t Pay Your Income Taxes? Some SolutionsDid you skip filing or request an extension on your 2021 or 2022 taxes because you couldn’t pay? You have several options. Some possibilities if you are unable to pay your income taxes You wait until the last minute to prepare and file your income taxes, only to receive […]