2022 Inflation Reduction Act. Part 2 of 4
President Biden signed into law the 2022 Inflation Reduction Act (the Act). The Act includes numerous tax provisions for individuals - most notably an array of new tax credits relating to energy efficient homes, businesses, and vehicles. It also provides several new...
2022 Inflation Reduction Act. Part 1 of 2
President Biden signed into law the 2022 Inflation Reduction Act (the Act). The Act includes numerous tax provisions - most notably an array of new tax credits relating to energy efficient homes, businesses, and vehicles. It also provides several new healthcare and...
Extended Tax Returns Are Due on October 17, 2022
Taxpayers should ensure that they have and produce all their required tax documents when filing their tax return. There are modifications to the tax forms to account for all the changes in tax laws that were implemented during the past year.Checklist To Consider For...
When Is Schedule C a Good Choice?
Do you have a property that you rent out? If the average period of rental is less than 30 days, you likely have a choice. You would either: claim the income and expenses on Schedule C, orclaim the income and expenses on Schedule E. When Is Schedule C a Good Choice? If...
Taxpayers should explore their options when they receive a notice of tax due.
Many taxpayers have either entered into an agreement with the Internal Revenue Service to pay their tax debts or completely ignore them. In some cases, they have failed to honor the agreement or have completely disregarded IRS notices for payments because of certain...
The home office deduction is treated differently for S Corporation owners.
The home office deduction does not only apply to self-employed individuals (Schedule C). The tax benefit of the home-office deduction is deducted differently for the owners of an S Corporation operating at home. The home-office deduction is available to the S...
All lawsuit settlements are not taxed the same way
A taxpayer may receive a substantial amount of money in a lawsuit. There are certain tax consequences of which you should be aware. The money you receive may be taxable and, in many cases, the attorney fees that you pay relating to the lawsuit may not be deductible...
Why You Should Hire a Tax Professional Who Focuses on Tax Resolution to Resolve Your Tax Problems?
It is common practice for taxpayers with IRS tax problems to face the IRS by themselves. Sometimes they hire a professional like an enrolled agent, a CPA, an attorney, but not someone who specializes in tax resolution. We are certain that you would not hire...
Understanding First Time Abatement and Currently Not Collectible
Facing an Internal Revenue Service audit could be very draining for a taxpayers in many ways. However, you do not have to endure the pain because there is help available. Taxpayers are encouraged to seek the service of a tax professional to assist them with their tax...