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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...

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....