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The Top 5 Ways Businesses Get in Trouble With the IRS

March 29, 2023 by Steven Pargo

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. […]

Filed Under: Business Taxes, Tax Representation

To Own or Not To Own: The Benefits of Being A Property Owner

March 26, 2023 by Steven Pargo

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. […]

Filed Under: Individual Taxes, Investments

Need to File An Amended 1040? Here’s How

March 25, 2023 by Steven Pargo

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 […]

Filed Under: Individual Taxes

Payroll Taxes: Who’s Responsible?

March 20, 2023 by Steven Pargo

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 […]

Filed Under: Business Taxes, Tax Representation

How To Deal With a Past-Due Tax Return

March 18, 2023 by Steven Pargo

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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, […]

Filed Under: Individual Taxes

Can’t Pay Your Income Taxes? Some Solutions

March 14, 2023 by Steven Pargo

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 […]

Filed Under: Individual Taxes, Tax Representation

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