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How To Stay Tax Debt Free in 2015

Tips for Staying out of Tax Debt You probably hear it all the time: “New Year, New You.” If you’re on the verge of becoming ridden with back tax debt, then 2015 is the year you can become and stay tax debt free. This new year is the perfect time to alter and change yourContinue Reading

Making Large Cash Transactions? Know the Consequences.

Making Large Cash Transactions? Know the Consequences.

Large Cash Transactions May Lead to Back Tax Debt As the old saying goes, more money, more problems. And if you’re paying for or getting paid in cash, you could be putting a big X on your back and become an IRS target. Dealing with cash is convenient. It cuts down on trips to theContinue Reading

How Long Does the IRS Have to Go After You?

How Long Does the IRS Have to Go After You?

IRS Statute of Limitations Vary If you’re hiding on significant assets that aren’t reported to the government, or are hiding a nice amount of income from the feds, you might be up at night wondering how long you have to play hide and seek with your income and the IRS. It’s a sure thing thatContinue Reading

When a CPA Just Won’t Cut It

When a CPA Just Won’t Cut It

Hiring a Tax Attorney a Must at Key Moments If your back tax debt is big enough, the IRS may come knocking at your door threatening to take you to court. Most people think that the one person that’s the most intimate with their taxes – their CPA – should be their point person whenContinue Reading

Keeping Good Records

Keeping Good Records

Keeping Good Records Saves You Money and Protects You in an Audit! Why Should I keep Business Records? To help monitor your business progress, prepare tax returns, and prepare financial statements. The burden of proof is on the taxpayer to prove that they had the expenses they claimed on their tax return. 1. Monitor yourContinue Reading

Prevent a Balance Due

Prevent a Balance Due

Important Deadlines and Ways to Minimize/Prevent a Balance Due FIRST, MEET THE DEADLINES For 1040 Income Tax Returns: 1040 Filing Deadline- Generally April 15 of the following year (exact date depends on the calendar year). Estimated Tax Payments: Estimated tax payments allow you to estimate how much you may owe and pay it off throughoutContinue Reading

Stocks and Bonds: How to make the best choices

Stocks and Bonds: How to make the best choices

Stocks and Bonds, combined together, could be one of the most important yet confusing decisions facing you as an investor. First, it is important to get a basic understanding of stocks and bonds. Stocks ideally provide long-term growth potential and the role of bonds is to provide an income stream. Buying part ownership in aContinue Reading

Am I Really a Real Estate Pro?

Am I Really a Real Estate Pro?

The IRS may not think so! Who truly qualifies as a Real Estate Professional under the Internal Revenue Code? The answers may surprise you. It goes beyond simply having a real estate license, or buying and selling property. Rental Property activities are normally considered passive unless you materially participated AND qualified as a Real EstateContinue Reading

Self-Employed (1099) Taxes

Self-Employed (1099) Taxes

What does “Self-Employed” mean? The answer seems obvious, right? Remember: there are no stupid questions; when it comes to the IRS, things are rarely intuitive. If you’re running your own unincorporated business, the IRS considers you a sole-proprietor regardless of any other filing status, and you’ll have to file a Schedule C to report howContinue Reading

Wage Earners: Refund Information

Wage Earners: Refund Information

Receiving Your Refund If you come out in the black, you’ll receive a refund issued by the IRS that should be sent within three weeks of the date you filed. If your return is rejected and requires changes, or you have to amend your W2 or 1099, this could take longer, up to twelve weeks.Continue Reading

Wage Earners: Tax Withholding

Wage Earners: Tax Withholding

How can you get the most out of your withholding? And what exemptions, adjustments, deductions, or credits you can expect to claim on your return? The W-4 When you start a new job the hiring manager should provide you with a W-4 to complete. The W-4 is usually everyone’s first introduction to income tax withholdings,Continue Reading

Should You Outsource Your Bookkeeping?

Should You Outsource Your Bookkeeping?

Like the Rolodex and the Typewriter Before Them, In-House Bookkeepers are Becoming the Next Unnecessary Small Business Need on the Chopping Block As business technology advances, the way business was done in the past becomes more and more obsolete. Business owners have long been done with pagers, filing cabinets and messenger services; having replaced themContinue Reading

Tax Changes 2014: Students

Tax Changes 2014: Students

Did you know you could get tax credit for up to $2500 even if you took only one class in 2013?! How about a refund check for up to 40% of your tuition?! Are you out of school and paying off student loans? You can deduct student loan interest, too! If you’re a student orContinue Reading

Being Audited? Don’t Make the Mistake of Hiring a CPA

Being Audited? Don’t Make the Mistake of Hiring a CPA

Blue Tax Dishes on Why Certified Public Accountants are the Worst People to Represent Tax Payers in an IRS Audit Anyone that has ever been audited by the IRS knows that if they ever have to do it again, they would do things much differently. Initially, receiving the notice in the mail and knowing thatContinue Reading

Audits: IRS Agents’ Common Complaints

Audits: IRS Agents’ Common Complaints

Common Complaints of IRS Agents- And How You Can Use them To Your Advantage 1. “You Never Call Me!” IRS Agents are required to make diligent, scheduled attempts to reach you to set up an appointment or get necessary information for your audit. If you hinder them from doing their job, you are creating aContinue Reading

Filing Your Tax Return

Filing Your Tax Return

Ahhhh, the vernal return. I could be referring to the sight of grown adults dressing up in bunny suits, or cherry blossoms appearing on street corners or the rainfall after months of drought. But, I’m not. I’m talking about the annual tax return! April 15th has long been established as the most widely practiced ofContinue Reading

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