n important tax deadline is coming up and missing it could cause you to collect some IRS penalties. 3rd quarter estimated tax payments (ETP) are due Monday, September 17th. Estimated tax payments are a method of paying the tax on income that is not subject to withholding tax. This can include income from self-employment, business earnings, interest, rent, or other sources. The IRS requires these payments to be made quarterly. If you underpay your estimated tax payments, you will end up having to write a bigger check to the IRS when you file your tax return. If you overpay, you will receive the excess amount as a tax refund once you file. If this is your first time making an estimated tax payment or you aren’t sure if this applies to you, the process is simple.
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Tax Return,
Tax,
Tax Deductions,
Tax Help,
Tax Law
One of the biggest struggles we see with our clients is them trying to deal with a revenue officer by themselves. A revenue officer is an IRS civil enforcement employee who works cases that involve an amount of money owed by a taxpayer or a delinquent tax return. Their job is to collect tax debts on those cases the IRS has deemed significant. Usually individuals who owe more than $250,000 to the IRS will be assigned a revenue officer.
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Tax Return,
Tax,
Tax Deductions,
tax extension,
Tax Help,
Tax Law,
Tax Cuts and Jobs Act,
Liens
If you plan on deducting any moving or vehicle expenses on your 2018 tax return, there are some changes you should be aware of. The IRS released information on changes from the Tax Cuts and Jobs act that affect moving expenses, vehicle expenses, unreimbursed employee expenses and depreciation limits for some vehicles. Here are a few of the changes:
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Tax Return,
Tax Deductions,
Tax Help,
Tax Law,
Tax Cuts and Jobs Act
Graduating college can be one of the greatest moments in your life. One of your not-so-great moments is when you get your first student loan payment. If you are paying back student loans it can be overwhelming. Before you make your first loan payment or try to apply for loan forgiveness, make sure you’ve done your research and you know the tax consequences of repaying or not repaying.
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Tax Return,
Tax,
Tax Deductions,
Tax Help,
Tax Law,
Student Loans
It’s that time of the year when everyone seems to be tying the knot and probably the last thing on the mind of a newlywed is their taxes. If you plan on getting married this year, here are some tax tips to help you have a long prosperous marriage and hopefully avoid some tax trouble.
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Tax Return,
Tax,
Tax Deductions,
Tax Help,
Tax Law,
Identity Theft,
Tax Court,
Wedding
Most likely you have bought something online in the last year, a gift, furniture, clothes, or something small. The online retail market has grown exponentially in the last few years and is expected to pass the trillion-dollar mark by 2019. As a result, forty-five states and local governments are missing out on billions of tax dollars annually. The Supreme Court has sided in favor of states who are trying to collect sales tax from online retailers.
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Tax Law,
Tax Court,
Sales Tax,
Supreme Court
In this month's closed case round up, we have a business owner who didn't file their tax returns for a few years and a contractor that created a large tax debt after his business slowed down!
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Tax Return,
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audit help,
Audit,
levy,
tax extension,
Tax Help,
Tax Law
There is nothing worse than getting all your tax documents together, filing your tax return, and months later finding out you are now being audited by the IRS. Realistically, the risk of you being audited is quite low as less than 1% of tax returns are audited each year. But if you’re like most people, you want to make the chances of you being audited as low as possible. Here are a few things you can do to help lower your risk of being audited.
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Tax,
audit help,
Audit,
Tax Help,
Tax Law
If you watch the news, you know that Congress passed a major tax reform bill several months ago that could alter your situation for the 2018 tax year. The Tax Cuts and Jobs Act is over 500 pages and 72,000 plus words long. In this blog, we will work to break down two significant changes.
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Tax Return,
Tax Deductions,
Tax Help,
Tax Law,
Tax Cuts and Jobs Act
Tax reform is not just something we deal with in the United States. Countries all around the world are also facing tax changes within their own borders. Some might seem a little crazy, while others are taking advantage of technology and other new advancements. In this blog, we’ll look at a couple interesting international tax situations.
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Tax Law
