Tax Article Archives

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Tax Articles

IRS Notice – what to do ….

There are number of reasons the IRS sends notices to taxpayers. Each letter and notice offers specific instructions on what you need to do to satisfy the inquiry. If you receive a correction notice, you should review the correspondence and compare it with the information on your return. If you agree with the correction to…


Employee vs. Independent Contractor: Business Owners Tips

As a small business owner you may hire people as independent contractors or as employees. There are rules that will help you determine how to classify the people you hire. This will affect how much you pay in taxes, whether you need to withhold from your workers paychecks and what tax documents you need to…


Innocent Spouse Consideration – 5 Requirements

There are five requirements the IRS assesses as part of granting innocent spouse relief: 1. Education Level – Does the innocent spouse possess the skill set, background, and/or experience to understand the jointly filed tax return? 2. Involvement in Financial Affairs – To what extent did the innocent spouse participate in financial decisions? 3. Large…


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 more information on appeals feel welcome to contact me directly at 720-234-1177 or at…


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 office. The notice you receive covers a very specific issue about your account or tax…


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 Revenue Service usually corrects math errors or requests missing forms – such as W-2s or…


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 tax return and are due a refund, you should consider filing the return to claim…


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 wants you to know about identity theft so you can avoid becoming the victim of…


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 distribution company. However, Sam contended that Wanda also worked for Parts Distribution Xpress. Based on…


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 (non-depreciable) and building (depreciated as a 39-year asset over 40 years). However, by taking advantage…