Do you need more time to file your individual tax return? If you need more time to gather all of your information to file an accurate tax return, then you should file an extension by 4/15 with the IRS and any state you need to file a return for. Here’s what you need to do: […]
IRS Resolution
Easy IRS Red Flag to Avoid
The last thing anyone wants is to be audited by the IRS. One simple way to avoid waving a red flag at the IRS is to be aware of this . . . Information Matching The IRS receives a significant number of informational returns from businesses that are required to report payments they made to […]
How Will IRS Job Cuts Impact You?
There was a recent announcement regarding staffing cuts at the IRS. How will this impact you and should you be concerned? Background Information The IRS hired approximately 22,000 people during 2022, 31,000 during 2024, and approximately 20,000 during 2024 for a total workforce of more than 100,000 employees. This has been the largest number of […]
Heavy Vehicle Heavy Deduction
As a business owner, there are tax benefits for using a vehicle for business purposes. Not all vehicles are created equally, and here are examples of some that produce a larger deduction. SUV’s and Pickups Vehicles with a gross vehicle weight rating (GVWR) above 6,000 pounds and not more than 14,000 produce a much greater […]
Tax Scam Alerts
Scams are on the rise now that it’s tax season. The IRS has made taxpayers aware of popular scams on their website, including: Charity Impersonators To make sure the charity you are donating to is legitimate, then you can use the tax exempt organization search function at https://apps.irs.gov/app/eos/ Unfortunately, a contribution to a fake charity […]
Don’t Make These 2 Mistakes When Paying Your Taxes
When paying your tax balances or estimated tax payments, there are two ways that commonly create issues with the IRS and the states. These are: Paying by Check Making a tax payment with an old-fashioned check creates issues in multiple ways. Making a Payment from Your Spouse’s Tax Account or Social Security Number For some […]
Useful Online Tools at the IRS
The IRS has some useful tools on their website irs.gov. Be careful to make sure you use .gov after typing irs. Here are some of the tools: Where’s My Refund? To track the status of your refund after filing your individual return, click on Get your refund status. You will need: Make a Payment You […]
How Long to Keep Your Tax Records?
How long should you keep your tax records? The answer may surprise you and there are pitfalls to be aware of. The IRS provides general guidelines for common situations as follows: General Rules Pitfalls to be Aware of Since most records can easily be converted to electronic form, I recommend keeping your tax returns and […]
Overlooked Financial Maneuver
I’ve noticed a recurring theme over the years, and it’s more common than you would think. It’s helpful to do this one thing, especially as a business owner, and I’ll explain why. Because it’s simplistic it is often overlooked, but I’ll tell you why it is so important. The one overlooked financial maneuver is to […]
IRS is Stepping it Up
The Inflation Reduction Act increased the budget of the IRS substantially, and their efforts are already proving to be effective. Think of them as a bully who started to take steroids while training in jiu-jitsu. Here are the latest reported examples of their efforts: $172 Million Recovered from 21,000 Wealthy Taxpayers In February 2024, the […]