Blog

  Running a small business means wearing many hats, and tax time can be especially overwhelming. While most business owners are aware of the big deductions—like office rent and employee wages—many valuable deductions go unclaimed every year. Overlooking these can mean paying more tax than necessary. Here are the top 7 tax deductions small business...

LT11 vs. Letter 1058    If you’ve received a Final Notice of Intent to Levy from the IRS—either an LT11 or a Letter 1058—you’re facing a critical moment in the tax collection process. These notices are not routine reminders; they are formal warnings that the IRS is preparing to seize (levy) your property to collect...

    What Happens After the IRS Accepts Your Offer in Compromise (OIC) After the IRS accepts your Offer in Compromise (OIC), several important post-acceptance requirements take effect. These rules ensure you fulfill the terms of the agreement and remain compliant with your tax obligations. This guide explains everything that happens after an OIC is...

How to Stop an IRS Wage Garnishment and Protect Your Paycheck   Few things create more anxiety than seeing your paycheck shrink because of an IRS wage garnishment. When you owe back taxes, the IRS has the power to take part of your income until the debt is paid off. Fortunately, you still have control....

Do You Need to File Taxes If You Had No Income in 2024? If you didn’t earn any income during 2024, you’re probably not required to file a federal tax return for the 2025 filing season. However, there are several exceptions to this rule. In some cases, filing a return can even benefit you financially....

What Is IRS Form 4868?  IRS Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, allows individual taxpayers to request an automatic six-month extension to file their federal income tax return. For calendar year filers, this moves the filing deadline from April 15 to October 15. However, this extension...

What Constitutes a Wrongful Levy A wrongful levy occurs when the IRS seizes property to satisfy a tax debt, but the property either does not belong to the taxpayer who owes the tax or someone else has a superior claim to the property. For example, if the IRS levies a bank account in your name to collect...

Lien vs. Levy: What’s the Difference? Lien: A federal tax lien is the government’s legal claim against all your current and future property (real, personal, tangible, or intangible) when you neglect or refuse to pay a tax debt after demand. The lien arises automatically after the IRS assesses your liability, sends a Notice and Demand...