If you owe the IRS money, here are some tips …

If you get a bill this summer for late taxes, you are expected by the IRS to promptly pay the tax owed including any penalties and interest. First you should consider appealing the determination based on merit and evidence. For

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Posted in Amended Tax Return, Appeals & Audit Resolution, Audit Reconsideration, Back Taxes Owed, Debt, Disallowed Expenses, Estate Tax, Intent To Levy, Intent To Lien, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Penalties, IRS Penalty and Interest Abatement, Paying Taxes, Statutory Notice of Deficiency, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief, Taxable Income

IRS Notice and/or Letter

If you receive a letter or notice from the IRS, it will explain the reason for the correspondence and provide instructions. Many of these letters and notices can be dealt with simply, without having to call or visit an IRS

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Posted in Appeals & Audit Resolution, Audit Reconsideration, Back Taxes Owed, Intent To Levy, Intent To Lien, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Partial Payment Installment Agreement, Paying Taxes, Small Business, Sole Proprietor, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief, Wage Garnish

Amend Your Tax Return to correct errors and/or omissions

If you forgot to include some income or to take a deduction on your tax return – you can correct it by amending your tax return. In some cases, you do not need to amend your tax return. The Internal

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Posted in Amended Tax Return, Audit Reconsideration, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement

What to do if the IRS owes you money

The Internal Revenue Service may have money for you. Was your income below the limit that requires you to file a tax return? If so, you may still be due a refund. If you have not filed a prior year

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Posted in Back Taxes Owed, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Paying Taxes, Tax Guidance & Preparation, Tax Relief

Identity Theft and Your Taxes

Taxpayers need to be careful to protect their personal information. Identity thieves use many methods to steal personal information and then they use the information to file a tax return and get a refund. Here are 10 things the IRS

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Posted in Theft Loss

Business Miles Denied

Sam Freeman worked as an independent contractor for Parts Distribution Xpress during tax years 1999 and 2000. His wife Wanda was in a covenant not to compete from her former employer and was obligated not to work for a parts

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Posted in Business Expense

Cost Segregation Depreciation

For income tax depreciation purposes there are two major types of assets: Sec. 1250 real property and Sec. 1245 personal property. When owners acquire commercial property or tenants invest in leasehold improvements, many only allocate the purchase price between land

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Posted in 1031 Exchange, Audit Reconsideration, Business Expense, Cost Segregation, Deductible Expense, Depreciation, Disallowed Expenses, Rental Real Estate, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

Tax Tips for US Military Personnel

Moving Expenses- If you are a member of the Armed Forces on active duty and you move because of a permanent change of station, you can deduct the reasonable unreimbursed expenses of moving you and members of your household. Combat

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Posted in Military Personnel Tax

Determining the Amout of Disaster Loss to Claim for a Business Asset

Start with the cost basis of each asset along with a fair market value (FMV) of each asset both before and after the disaster.  Be prepared to substantiate.  The next piece of data needed is the amount of reimbursement you

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Posted in Asset Classification, Business Expense, Casualty Loss, Disaster Loss

Casualty, Disaster and Theft Loss Deduction

Losses incurred because of a casualty, disaster, or theft may be tax-deductible. Casualty and theft losses are reported on Form 4684 and Form 1040 Schedule A. Casualty Loss A casualty is the loss of property (including damage and destruction) because

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Posted in Asset Classification, Casualty Loss, Disaster Loss, Theft Loss
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