Yes, you can start a dialogue with the IRS if you feel that its findings are incorrect. The very thought of having to communicate with the Internal Revenue Service about something you believe is an agency error is intimidating to…
Don’t panic: It isn’t necessarily bad news. But you may need to deal with it. Getting a letter actually addressed to you personally is becoming a thing of the past, what with email and social media taking over a lot…
Oops! Did you determine that you made an error on an income tax return that you already filed? It’s not unusual. That’s why the IRS has a special form that will fix it. Maybe a 1099 that you had forgotten…
It can reduce your income tax obligation, but be sure you understand the IRS’s rules. One of the many ways the internet has changed business over the last two decades is the increasing numbers of part-time entrepreneurs. Simple do-it-yourself website…
Even if you guard that critical 9-digit number carefully, you can still have a fraudulent tax return filed using it. Your first thoughts when you become the victim of a tax identity thief might go along the lines…
Being selected for an audit doesn’t mean that you’re suspected of incorrectly reporting your taxes. There’s no getting around it: The prospect of being audited by the IRS is unnerving. But the agency chooses to audit individuals and businesses for…
The business structure you use — sole proprietor, LLC, etc. — has tremendous impact on how your company operates and pays taxes. A business structure is simply an organizational framework. The IRS requires you to select one for your…
Even if your 2014 refund hasn’t hit the mailbox yet, it’s time to get a jump on your 2015 taxes. What does the phrase “tax planning” mean to you? Hurriedly giving charitable donations in December to try to knock down…
It’s not just self-employed individuals who are required by the IRS to pay estimated taxes. There are numerous advantages to being self-employed. The top benefit that most full-time, must-report-to-the-office employees most envy the most is your ability to establish your…
It’s a very important distinction, and one that can get you in hot water if you misclassify workers. Full-time employees of companies often look at independent contractors with envy. They can generally work whatever hours they want. They can sit…