Help for Your Tax Problems
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- June 10, 2021
An Introduction to IRS Garnishment
If you owe back taxes to the IRS, the government can garnish your wages to pay the liability. An IRS garnishment can come without warning, so being prepared is a must. No one wants to owe money to the government, especially if it’s a large amount. But it happens more than you think. Unfortunately, due […]
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- June 9, 2021
Offer in Compromise: Is It Right for You?
Everybody out there has heard an advertisement on the radio while driving or on TV late at night for the IRS programs where you can settle for pennies on the dollar or get forgiveness of your tax liability. The program that they are referring to is called the Offer in Compromise. This is a program […]
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- June 8, 2021
An Introduction to the American Jobs Plan
In a previous article, we discussed the Child Tax Credit and the major enhancements to that credit through the American Rescue Plan. This plan not only provided funding for this credit it also laid out the spending of all together $1.9 Trillion towards the recovery of America. Today I am going to discuss the next […]
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- June 7, 2021
A Guide to Tax Credit for First-Time Homebuyers
During President Joe Biden’s campaign, he had made promises about bringing back incentives and credits to help first-time homebuyers. At a time when interest rates are at an all-time low, there may be some help coming through Congress for those wanting to buy their first home. Rep Earl Blumenauer and Rep Jimmy Pancetta announced sponsorship […]
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- June 4, 2021
Choosing Between a C-Corp and an S-Corp
When it comes to individuals looking to take the leap of faith into the world of entrepreneurship, they inevitably come across the decision of how to structure their business. Many entrepreneurs have a strong background in their given trade or service but rarely do they understand the tax implications of the decisions that they make. […]
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- June 3, 2021
Gambling Winnings: Should You Report Them?
One of the biggest issues I come across with my clients is unreported income. A major form of income that is left off tax filings is gambling winnings. Be it purposefully or just sometimes people forget and do not receive the form from the casino reporting this income. It can turn into major tax liabilities. […]
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- June 2, 2021
Child Tax Credit: How It’s Beneficial and Who Benefits from It
With the current economic situation, there have been many different programs added and changes made to existing benefits to help provide for families. One major change was to the Child Tax Credit. With the most recent $1.9 million American Rescue Plan presented by President Joe Biden, this credit has been temporarily increased for the 2021 […]
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- June 1, 2021
What the IRS Considers as Tax Evasion
In the tax industry when clients first start dealing with the IRS there is always the fear and question “Am I going to jail?”. The truth is that very few people go to jail for tax evasion. The IRS mainly targets people who understate what they owe by either under-reporting income or misreport credits or […]
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- May 31, 2021
Tax Relief: Does It Actually Work?
Although nearly one-fourth of US tax filers are estimated to have very few taxes withheld in 2021, the overwhelming majority of American taxpayers have received a quite heavy tax bill. For those that don’t have enough money to pay their tax liability, tax relief options come into play. Introduced by the IRS, they are created […]
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- May 28, 2021
FAQs: IRS Form 8300
The various Internal Revenue Service tax forms can be hard to differentiate at times. A 1040 is simple, and so is filing 1099 for small businesses. But what is the IRS form 8300? Making money and living the good life is what anyone wants. But paying taxes comes with that dream as well, as it […]
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