In-kind, also known as like-kind exchanges, is the process of exchanging property used for business for the sole purpose of another company similar to that (“like-kind”). This has long been allowed to occur under the Internal Revenue Code. The issue at hand is that there are now restrictions on this exchange. Curious about what you […]
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With the virtual world being bigger than ever before, there are more and more taxpayers who work out of their homes. Many of these people own small businesses or are freelancers and may even qualify for the home office deduction. Often the words “home office deduction” make taxpayers fear it as an audit trigger. However,
Home Office Business Deduction, Can You Take It? Read More »
Do you owe the IRS money instead of the other way around? You may be caught off guard if you receive an unexpected tax bill. The first thing you should do is double-check your tax return. Is it right? Why is this debt unexpected? Dig a little deeper; find out what you did differently this
Unexpected Tax Debt: Everything You Need to Know Read More »
Here is a graphic the IRS asked us to share. It will let you know how much you can expect from the government as far as your Economic Impact Payment. Most people who file their taxes regularly do not need to do anything, but there is more information to let you know if you need
How Much Money Will I Get From The Economic Impact Payment Read More »
According to the IRS, the most common federal tax form filed by the majority of one-owner businesses is Schedule C. It is the “Profit or Loss from Business” form. The form is used to report business income and business expenses. Business income is any income you receive that is related to your business. It is
Small Business Taxes: What Can You File on Schedule C? Read More »
If you are sitting at home, wondering what to do and how you will survive financially, you are not alone. You may be wondering what you can do from home to save money or make a little more; well, here’s a massive list with an enormous amount of valuable resources to help you find more
Top 12 Things to Save Money You Can Do at Home Read More »
Will you be missing tax filing deadlines? All tax deadlines for the tax year 2019 are listed here. This article will guide you in the right direction if you find that you will be filing your taxes late this year. The simple steps presented here will help you get back in good standing with the
2020 Tax Deadlines for the 2019 Tax Year: What to Do if Filing Late Read More »
The recent Tax Cuts and Jobs Act saw the corporate income tax rate declining from 35% to 21%. Taxation of income has significant benefits on the American economy. However, it is essential to note that not all income is taxable. Income can be in the form of services, property, or money. The IRS has outlined
Taxable & Non-Taxable Income: What’s the Difference Read More »
If you’ve found yourself in IRS tax debt, don’t worry — taxpayers have a variety of options for getting an IRS tax debt settlement. They can make a request for a monthly payment plan or fulfill an offer in compromise. There is also the option of seeking bankruptcy protection but we’re here to help you
IRS Tax Debt Settlement: What You Need To Know Read More »
When you think of a tax consultant, what do you envision? A service for the rich and wealthy, right? Something you don’t need to bother yourself with? This could not be further from the truth! For most people, filing taxes is one of the most daunting tasks they have to do. The fact that tax
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