Four Different IRS Tax Problems And How To Solve Them

How you should treat your IRS tax problem depends on which type it is. There are an almost endless number of variables that could require different actions.  And therefore, it is important to consult with someone who is familiar with your particular scenario. However, there are a few problems that...

Should you make estimated tax payments?

If you’re required to make quarterly estimated tax payments this year, the first one is due on the same day as your federal income tax return. Failing to pay estimates, or not paying enough, may lead to penalties. Here’s what to consider. Do you need to make estimates? If you...

Two Common Questions Concerning Tax Relief

How much tax could I save in the best case scenario? In the best case scenario, a taxpayer might qualify for an Offer in Compromise.  This means that a very significant amount of your tax debt could be forgiven – of course assuming the IRS accepts your offer. However, there...

Lack of diversification makes for risky business

Is your business adequately diversified? Relying on too few customers, vendors, or key employees can leave you open to risks that can be catastrophic. Here’s what to consider. Customers. Do you depend on just a few customers for the majority of your sales? What will happen to your business if...

Teach your children this vital skill

Financial literacy is a vital skill in today’s world. Will your children be able to handle their finances when they became adults? Here are tips to help ensure the answer is yes. Shave spending. Take the weekly allowance to the next level by helping your child develop a budget. Review...

Smart review tactics lead to long-term business success

As a business owner, monitoring operations and dealing with everyday problems no doubt takes up the bulk of your day. But carving out time for a comprehensive review can benefit your business. Here are key areas to consider. Insurance coverage. Automatic renewal may appear to be a time-saver. But you...

Use taxes to reduce your tax

Are you planning to itemize on your 2015 federal income tax return? If so, you can claim a deduction for taxes paid. According to IRS statistics, taxes are the most frequently claimed itemized deduction, as well as the largest. But what kind of taxes can you deduct on your personal...

Be aware of these four IRA rules

If you have an individual retirement account, you’re aware of how complicated the rules can get. Here are four to remember as you prepare your 2015 federal income tax return. Are you searching for one more tax deduction? It’s not too late to contribute to your IRA and claim a...

Complaints can be opportunities

When a customer complains, think of it as three opportunities in one. An opportunity to get feedback on something that’s not working right in your organization. An opportunity to convert a disgruntled customer into a loyal customer. An opportunity to head off negative publicity. Here are four steps to take...

Corporate minutes support tax deductions

Well-documented corporate minutes can provide valuable supporting evidence if the IRS questions choices you make on your tax returns. Minutes are especially important when related-party transactions are involved, such as payments, loans, or distributions between the company and you or other owners. For example, the IRS may challenge the amount...