An IRS audit can be a stressful experience for any business owner in Washington. The thought of federal agents scrutinizing your financial records might feel overwhelming, but it is important to approach the situation calmly and methodically. An audit does not always...
Identifying Effective Tax Help Solutions
Tax Debt
Should my spouse and I file separately or jointly?
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...
Can I write off my home office as an expense on my taxes?
When you work from home, you may be able to deduct certain expenses connected to your home office from your taxes. This deduction can help reduce your taxable income and potentially lower the amount of taxes you owe. To qualify for this deduction, you must meet...
What are the most overlooked tax deductions for individuals?
Tax season often brings a mixture of stress and confusion for many individuals. However, understanding and taking advantage of available deductions can alleviate some of that burden. Medical expenses In the U.S., individuals paid $1.7 trillion in taxes in 2020, and...
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....
3 tax changes for small businesses in 2024
As a new year begins, small business owners find themselves grappling with changes in tax regulations set forth by the Internal Revenue Service. Staying informed about these adjustments is important to ensuring compliance and minimizing financial burdens. 1. Increased...
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...