In this video, I’m going to cover the 4 biggest mistakes you can make to generate S-Corp double taxation. And if you thought double taxation was reserved just for C-Corps, then you would be wrong. And if you formed or are thinking about forming an S-Corp because you assume it’s going to save you tax, […]
Video Transcription: Many states have now implemented laws that allow you to deduct your state income taxes on your federal tax return. What’s significant about this is that the IRS has actually published a notice blessing this strategy. The general idea is that states will give you the option to elect to pay the tax
How to Deduct 100% of Your State Income Tax Read More »
Although it shouldn’t happen in theory, we often see incorrectly issued 1099s. And with the increased 1099-K reporting coming up, we’re expecting to see many additional 1099s that are not correctly reported. For example, you may have received a 1099-K and 1099-NEC reporting the same income, or you may receive a 1099-K for personal reimbursements
What Happens If My 1099 Is Incorrect? Here’s How to Report It with the IRS Read More »
If you’ve filed your return and haven’t received your refund this tax season, then we’ll cover the top five reasons in this article. We’ll also provide the information and links on how you can resolve some of these issues directly with the IRS and prevent them from happening in future tax years. Reason #1: You
Where’s My 2022 Tax Refund? 5 Reasons You Haven’t Received It Read More »
Most business owners are familiar with the idea that the IRS has quarterly tax requirements, but we’re often asked about how much should be paid. Our answer is – it depends. Business owners are usually in different situations, and we have explained the three options that we see individuals choose: Option 1: Pay the minimum
Quarterly Estimated Tax Payments for Business Owners: How Much Should You Pay? Read More »
Real estate is widely known as a tax-advantaged investment. However, we will often see individuals purchase and sell real estate, assuming they will receive the benefits. Yet, these real estate investors often miss out on some of the most material tax savings for real estate. This article covers five of the most significant tax advantages
Top 5 Tax Benefits of Real Estate Investments Read More »
As a general rule, businesses that pay an individual or another business over $600 a year in cash, check, or other transfer (excluding credit card payments) should issue a 1099. There is a penalty per 1099 that is not correctly and timely issued. In recent years, the IRS has been more aggressive in pursuing these
IRS FAQ: Does My Business Need to Issue any 1099-MISCs or 1099-NECs by January 31? Read More »
While there is no way to know the exact audit formula for the Internal Revenue Service, there are certain items that we often see the result in IRS audits and items that often become the focus of audits once an IRS agent is involved. IRS audits are costly since they always require a substantial amount
10 Tips to Reduce Your Chance of Tax Audit in 2021 Read More »
If you want to keep the IRS out of your life, especially if you have previously experienced an IRS audit or penalties and interest, IRS tax return transcripts can be an important tool. But if you don’t know how to read them and what they mean, then you could end up paying more than necessary
How to Keep the IRS Out of Your Life: The Secret is in Your IRS Transcripts Read More »
While Delaware cannot be considered an “offshore tax haven,” the state is still considered a tax haven for many. And as the state provides tax incentives for different legal entities, it is still not quite a haven for all of them. As a result, business owners who do not properly research the tax benefits in
Is Delaware a Tax Haven? Top 10 Tax Tips for Businesses Read More »
Tax Resolution Principal
He is an expert at representing taxpayers in audits, filing offers in compromise, establishing currently not collectible status and installment agreements, removing wage garnishments, reversing bank levies, and removing tax liens.
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