Small business tax deductions can help your business continue to run smoothly. Here’s what to know about relief options for your small business. The IRS defines small businesses – within the context of tax relief and deduction options – as any business with assets under $10 million. These businesses, including self-employed professionals and independent contractors, can …
Failure to file taxes can lead you to hot water with the IRS, but what happens if you don’t file taxes for 5 years? If you’ve ever failed to file your taxes, you’re sure to have received a notice from the IRS detailing the penalty you have to pay as a result of your late …
When preparing your taxes, you likely look towards deductions, but when it comes to itemized vs. standard deductions, which one is right for you? Out of the few ways you can reduce your income taxes each year, the only two you can rely on year after year are the standard deduction and itemized deduction. While …
An IRA, 401k, and Roth all have their respective pros and cons, but what is the difference of IRA vs. 401k vs. Roth? When it comes to retirement, it’s important to know what’s best for you. Working towards a stable retirement is an incredibly difficult task, especially today. It takes a lot of careful planning, …
The future of social security is an uncertain one, but can social security be garnished? Scroll down to find out more about social security and Notice CP91. Of the many notices and letters the IRS issues each year, Notice CP91 is one of the more serious notices. Receiving this notice from the IRS means that …
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 …