Taking A Cooperative Approach To Your Legal Issues
Like millions of other Americans, you probably have a side gig that is your own small business. It’s also likely that the business is making a profit. It can be easy to forget about taxes. However, ignoring your tax responsibility may land you in trouble. How do you...
During business formation, some business owners consider other factors, including target market, employees, growth strategies and so on, but pay less attention to taxes. However, taxes are crucial in small business. Thus, it will help to consult a tax professional...
That Benjamin Franklin quote, “In this world nothing is certain but death and taxes,” is likely running through your head if you’re filing a 2022 income tax return for someone who passed away last year. The named executor of the estate is required by law to file this...
Running your own company can be very rewarding both personally and professionally. One important responsibility that you cannot escape is your tax obligations. Tax returns must be filed each year and must be completed accurately. Ideally, you want to avoid a tax...
Receiving an audit notice can be stressful for many individuals and business owners. The Internal Revenue Service (IRS) can select you for different reasons, including random selection or errors in your returns or that of taxpayers you are associated with, such as...
If you pay taxes in the U.S. but also had one or more financial accounts with at least $10,000 in assets outside the U.S. at any point during the year, you’re typically required to file a Foreign Bank Account Report (FBAR) with FinCEN. U.S. citizens have to pay tax...
What should you do if you discover a mistake in your tax return after it is filed? There are a couple of options available to make corrections depending on when the error is discovered. Most taxpayers know that a tax return can be amended. The lesser-known and better...
The National Taxpayer Advocate released her 2022 annual report this week, which describes the many challenges facing the IRS. High on the list, to no surprise, is the very poor quality of customer service provided to taxpayers. The report states “The main focus of...
Once a year every year, most people have to file income taxes. However, many do not. As a result, many of these people will face penalties on top of the tax they owe. The big question is, why do so many people fail to file their taxes? There are many reasons that...
If you haven’t paid taxes in years, you could owe an incredible amount of back taxes that may not actually be affordable to you. This often concerns people because they’re worried about how they’re supposed to come up with this much money and what the government is...
