As the October 2021 tax deadline approaches, it is essential that you be prepared, but what is the penalty for paying taxes late? The IRS extended the deadline for filing 2020 tax returns to October 15, 2021, rather than the usual national Tax Day of April 15. Taxpayers who have not yet filed can still …
If you have received a Notice CP90, it is important that you act immediately. To help you through the process, this guide examines what the notice means, and what your options are. Each year, the IRS sends out millions and millions of notices and letters to taxpayers, for a variety of reasons. Each of these …
Small business taxes are often overlooked as there are so many aspects to take into consideration. If you are a business owner, check out this step-by-step guide to understanding business taxes. Do you run a business, or are you thinking of setting up a business for yourself for the first time? Then you need to …
Understanding the difference between a federal and state tax levy can prepare you for the next steps to get in good standing with the tax man. Part of the duties of the state and federal governments is to collect taxes from taxpayers – and to pressure taxpayers into paying their debts when they’re behind on …
The employee retention credit was created to incentivize businesses to retain employees throughout the pandemic, but what is this tax credit and what does it mean for your business? When the coronavirus first began impacting the global economy, world leaders took steps to try and mitigate the damage the virus would do to businesses and …
It can be extremely stressful to be in debt with the IRS or to owe them money. If you find yourself in this situation, take a deep breath, and learn about the potential ways to receive an IRS tax settlement under certain circumstances. If you have ever been in debt to the IRS, you know …