While year’s end is still the ideal time for tax planning for small business owners, there is still time to minimize your 2022 taxes. If you have still not filed your 2022 tax return, you can still maximize your Section 199A tax deductions for Qualified Business...
It’s that time of year when most people are thinking about gift-giving. From Black Friday (the day after Thanksgiving) to the end of the year, we give our families monetary gifts, our employees bonuses, or make charitable donations. Here are five tips for being...
As our loved ones head back to school at all levels, it’s hard not to think about money. The cost of supplies, books, tuition, and transportation are among the few (but hefty) costs incurred this time of year by a typical family in the United States. With tax...
You may have heard of a first-time penalty abatement (FTA) waiver. When taxes haven’t been filed or paid, the IRS allows an “abatement” that removes penalties applied to the taxpayer. The IRS would prefer to help people pay their tax debt, and the FTA is one tool you...
There are two ways to decrease your tax liability. The first way is to increase your tax deductions and the second is to pay attention to tax credits. What are Tax Credits? Tax credits are credits provided by your state or local government to reduce the...
An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service (IRS) to settle a taxpayer’s tax liabilities for less than the total amount owed. The taxpayers who can fully pay the liabilities through an installment agreement or...
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