How to Avoid IRS Red Flags When You’re Self-Employed When you’re self-employed, you enjoy the freedom of running your own business—but you also take on full responsibility for managing your taxes. Because self-employed individuals often have multiple income sources and deductions, the IRS pays close attention to their tax filings. Certain mistakes—or overly aggressive tax positions—can increase...
Tax Planning vs. Tax Preparation: Why Both Are Critical for Wealth Growth Overview When it comes to building lasting wealth, tax planning and tax preparation are two sides of the same coin. While both are essential for your financial success, they serve very different purposes. Tax preparation is the process of accurately filing your tax...
2025 Update: New 1099-K Reporting Thresholds Under the One Big Beautiful Bill Act (OBBBA) For 2025, small business owners need to be aware of a major change to the Form 1099-K reporting requirements due to the enactment of the One Big Beautiful Bill Act (OBBBA), Pub. L. No. 119-21. This legislation officially reverses the lower...
The IRS Fresh Start Program Explained: Who Qualifies and How to Apply If you’re struggling with back taxes or mounting IRS debt, the IRS Fresh Start Program may offer the relief you need. This initiative was designed to help taxpayers—both individuals and small businesses—resolve their tax liabilities through easier payment plans and settlement options. In...
When starting a new business, one of the most critical decisions you’ll make is choosing the right business structure. Two of the most popular options for small business owners are the Limited Liability Company (LLC) and the S Corporation (S-Corp). Each offers unique tax benefits, ownership flexibility, and legal protections. In this guide, we’ll...
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...
The IRS’s authority to seize funds from a joint bank account when only one account holder owes back taxes is governed by several provisions of the Internal Revenue Code (IRC), Treasury Regulations, and case law. Below is a comprehensive analysis of the legal basis, determination of ownership, and remedies available to non-liable account holders, including...
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...
Which IRS Form 433 Should You Use? A Simple Guide When you owe the IRS and need to resolve your tax debt, you may be asked to complete a Collection Information Statement (CIS). The IRS uses several versions of Form 433 to collect your financial information, and choosing the correct one is crucial...
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...
Copyright by Accu-Tax, Inc. All Rights Reserved.
Copyright by Accu-Tax, Inc. All Rights Reserved.
