Married couples have the option to file their income taxes jointly or separately. Each option comes with its own set of advantages and disadvantages. Filing jointly According to CNBC, in 2021, roughly 54 million couples chose to file jointly, while only 3.9 million...
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Common red flags that trigger a small business audit
Operating a small business comes with various responsibilities. One key aspect is managing your finances so you remain compliant with tax regulations. Understanding potential red flags that might trigger an IRS audit is important for ensuring your business stays on...
4 tips for managing tax debt
Tax debt can be a significant burden, causing stress and financial strain. With careful planning and proactive measures, it is possible to manage and alleviate this burden effectively. 1. Assess your tax situation Begin by thoroughly assessing your tax situation....
Understanding the 3 main types of tax audits
Tax audits are a source of concern for many individuals and businesses. While the IRS only audits a small number of individuals and businesses, audits have the potential to lead to financial penalties and legal consequences. Understanding the main types of tax audits...
What business owners need to know about tax liability
Taxes are an integral part of running a business. However, they can be a significant financial burden if not managed properly. Business owners must be aware of their tax liability to ensure compliance with the law and minimize their tax expenses. Different types of...
Can anyone be audited by the IRS?
Tax season can be a stressful time for many, and the thought of an IRS audit can add to that anxiety. How can a person tell if the agency may target them? Here are some circumstances that may lead to an IRS audit. Random selection audits In fiscal year 2022, the IRS...
What to know about the Trust Fund Recovery Penalty
As a business owner, you take money out of your employees’ paychecks for FICA and income taxes. If you are not directly involved in the process, you may think your company automatically transfers it to the IRS, or you may not think about it at all. However, what if...
Can you qualify for Washington innocent spouse relief?
Getting divorced in Washington can often involve trouble with the IRS. This is because both parties in a marriage are responsible for taxes filed on their joint returns. If there is an unpaid balance or audit, both will likewise be liable for paying the balance that...
Are Black people more vulnerable to tax audits because of race?
Most Washington State residents work hard to fill out their tax forms properly and pay what they owe on time. The Internal Revenue Service will sometimes conduct tax audits to address irregularities. Audits are supposed to be done objectively. However, it was recently...
A change in tax reporting for online payments in Washington
If you get paid online in Washington, there are some upcoming changes to expect in how you receive your tax paperwork. It shouldn't be a cause for alarm for anybody, but there are new rules you'll probably want to be aware of so they don't catch you off guard when...