Monthly Archives: February 2015

Filing your Tax Return without a W2

Some of the worst possible penalties from the IRS are assessed when you do not file a tax return and have a tax liability. If you do not have a W2 for some reason, your best option is to still …

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Personal Taxes: Top Ten Tips for Correctly Filing Extension Form 4868

The tax season is upon us, and many people often find themselves without all the paperwork needed to file by the April deadline. In order to avoid penalties, it is important for people in this position to file for an …

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Filing Federal Taxes – What to Do if You Can’t Pay on Time

Failure to pay your federal taxes can result in hefty fines and interest charges. While the government does require all taxes to be paid on time, they do recognize situations where this is not possible. If you are unable to …

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Give to Charity – Pay less Taxes

Giving to charity is something that businesses and individuals alike love to do. The reasons behind giving can be as simple as getting the tax deduction or as complicated as supporting a local charity that touched the lives of you …

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Are those really Business Expenses or Audit Triggers?

Being in small business means that most of the time you will rarely be audited. According to recent statistics, just under 1% of all tax returns last year were audited for companies under $10 million in assets. So why invite …

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What is Backup Withholding?

Have you been subject to an IRS backup withholding on income you have received? This withholding tax is only due in certain circumstances and most taxpayers are exempt. If you have been subject to this tax withholding, there is a …

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Itemized Deductions for your Business

As a small business owner, you realize that ensuring you itemize your deductions properly can significantly lower your taxable profits, allowing more of your revenue to remain in the business and further grow your business. Yet you need to know …

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What is an offer in Compromise?

The Offer in Compromise (OIC) program offered by the IRS is a potential way for you to significantly reduce your tax liability, but only if you meet the stringent qualifications. There are two main qualifying issues that you need to …

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What are your Appeal Rights?

Have you been audited by the IRS? Have you received an assessment correction that puts your tax liability significantly higher than you expected? Going through the IRS Office of Appeals, a separate entity to the IRS, can result in a …

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5 Small Business Write Offs

As a small business owner you should be aware of the business expense write offs that could make a significant difference in your tax liability to the IRS. Being meticulous in ensuring that all your expenses are properly documented provides …

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