Category: Taxes

Q & A and Tips on Accounting, Taxes and Personal Finance.
Basics of the Self Employment Tax

Basics of the Self Employment Tax

BASICS OF THE SELF EMPLOYMENT TAX Most of us work for small or large businesses and receive a salary or wages. At the end of the year we receive a document called a “W2” which sums everything up enabling us to do our taxes. When we look at our pay stubs we see that 7.65 […]

July 19, 2017 | By More
What is happening to Lien Notices

What is happening to Lien Notices

The IRS loses on liens to your credit score Recently I was informed of Liens and Debts credit reporting changes in the three credit reporting bureaus. The following is my research to help you, the taxpayer, know what is changing and how it will impact on you. Here in the United States, we have may […]

June 27, 2017 | By More
IRS Scam Alert

IRS Scam Alert

Private Agencies Now Collecting for IRS…Your Scam Alert Should be on High In a recent announcement, the IRS notified all taxpayers that outside collection of past-due tax bills is now beginning in mid-April 2017. This is a direct result of Congressional action in late 2015 requiring the IRS to turn over to outside companies billions […]

May 4, 2017 | By More
Five Steps To Take If You Are Audited

Five Steps To Take If You Are Audited

Getting audited is no one’s idea of a good time, yet you can minimize the stress if you take the right approach. Step 1: Understand why and when. While it’s possible you were selected randomly, it’s more likely you were selected for a specific reason. One example might be if your deductions for charitable donations […]

April 24, 2017 | By More
When the IRS Suspects You of Under-Reporting Income

When the IRS Suspects You of Under-Reporting Income

Have you suddenly become the unhappy target of an audit for allegedly under-reporting income to the IRS? Maybe you did under-report. Maybe you didn’t. Whether you did or not, your tax returns have waved some red flags at the IRS and you are now in their line of sight. You may not know it, but […]

April 24, 2017 | By More
First Quarter Estimated Taxes Due

First Quarter Estimated Taxes Due

Reminder: If you have not already done so, now is the time to review your tax situation and make a 2017 estimated quarterly tax payment using Form 1040-ES. The first quarter due date is now here. First-quarter due date: Tuesday, April 18, 2017. Remember, you are required to withhold (pre-pay) at least 90 percent of […]

April 5, 2017 | By More
Understanding the IRS Audit Process

Understanding the IRS Audit Process

If you’ve received a notice of audit from the IRS, here’s a few things you should know to ensure that your experience is as painless as possible. The last thing you want to do is ignore the request for documentation. Even if you don’t have what’s being requested, you can avoid further problems and unnecessary […]

April 4, 2017 | By More
Trade-In or Sell Your Vehicle?

Trade-In or Sell Your Vehicle?

The decision to trade in or sell your vehicle is not so easy if you’ve used that vehicle for business. Selling a vehicle outright or trading it in towards a new vehicle usually involves analyzing the economics of the transaction. However, tax factors can start to complicate things if that vehicle was used in your […]

March 31, 2017 | By More
No Health Insurance Still Means Big Penalties

No Health Insurance Still Means Big Penalties

If you think President Trump’s recent executive order means that the fees for not having health insurance are no longer in effect, you could be sorely mistaken. To avoid potentially thousands of dollars in “shared responsibility” tax penalties, you still need to be covered by a basic level of health insurance. Current Situation: During his […]

February 22, 2017 | By More
Reasons to File Early…When Filing a Tax Return Early May Make Sense

Reasons to File Early…When Filing a Tax Return Early May Make Sense

The 2017 tax filing season has officially begun and the IRS has started accepting tax returns. There are many reasons to consider filing your tax return early. Here are some of the most common: Get your refund There’s no reason to let the government hold your funds interest-free, so file early and get your refund […]

February 12, 2017 | By More