Delinquent tax debt can be a heavy burden for you to bear. The IRS can put a lien on your home or garnish your wages. They can often do this automatically or without the use of a court order. They can also revoke your passport.
If you have what the IRS calls “seriously delinquent tax debt,” the IRS can ask the state department to revoke your passport or deny an application or renewal. Until you can satisfy your debt, you will not be able to use your passport for international travel.
When you start a new business, you have to take many choices into consideration. Each decision you make will take into account the type of business you plan to run and how you plan to run it. As you plan your new business structure, one major decision will be which type of business entity you want to create.
Each type of business entity offers different tax benefits. Understanding how your business runs will help you understand which tax structure benefits you the most.
Businesses and residents of Washington may have to start paying more income taxes. A recent decision by the Washington state Court of Appeals has left the door open for a local income tax.
A 1984 law prohibited cities and counties from collecting net income tax. The court has now ruled that law unconstitutional. Lawmakers will try to decide if Washington needs a new law banning local income taxes.
The reason that the IRS conducts tax audits is to uncover inaccurate tax returns. If your tax return contains inaccurate information, you may be subject to an audit. During the audit, the IRS will determine if there is any reason to penalize you for inconsistencies on your filing or return.
The process
Owning a business can be an excellent means to support your family, develop a niche for yourself and bring your dreams to fruition. And although business ownership may provide you with the right to determine your schedule and free you from answering to a boss, it comes with some added responsibilities.
Whether you work alone or have employees reporting to you, you need to maintain financial records for your company. And as opposed to people working for a W2, you must pay quarterly taxes. But when finances are tight, you might wonder whether making quarterly taxes is beneficial.
Washington businesses may soon experience decreased sales due to new state tax legislation. Under Senate Bill 5997, which narrowly passed over the last weekend of April, Oregonians shopping in Washington may no longer be able to claim sales tax exemptions at the register by simply presenting their IDs. Washington business owners are concerned that this change in policy will drastically affect their business as fewer Oregonians will be willing to make purchases in Washington.
No one wants to have their taxes audited. A fear of audit is why many tax services will offer some form of audit assurance. The Washington Department of Revenue conducts audits for several reasons and knowing what documents they’ll need could save you added stress.
For many Americans, a side hustle is a great way to earn some extra income. It can also help you transition into a new career, perhaps as a small business owner. There are many reasons you may choose to work as a freelancer, and while there are perks to the gig economy, things can get complicated at tax time. Here is what you need to know about filing taxes for your side gig this year.
The new tax law signed by the President in December 2017 has left some business owners unclear of whether they qualify for a new deduction. According to The Star Tribune, though the IRS laid out guidelines for the business deduction, even some tax advisers have questions about what qualifies.
With the new tax laws, people seem to be more confused than ever about what they should and shouldn’t do. Certain fundamentals still hold true, however. You must still tell the truth on your tax returns. Some tax payers fudge the numbers on purpose, and others are simply confused about the law. Here are a few mistakes that could land you in hot water:
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