Business Owners: Owe Back Taxes?
Small businesses often face unexpected financial challenges. Among the scariest of these challenges is unpaid taxes. Once the IRS gears into action, they are known for their relentless pursuit and uncompromising measures.
What Is The Fresh Start Program Offered By The IRS?
Struggling with overwhelming federal tax debt? You may have viable solutions to ease the burden. The Fresh Start Initiative offers a pathway for both individual taxpayers and small business owners to address their outstanding tax liabilities and regain financial stability. This program provides several tools and options aimed at resolving unpaid taxes while helping you […]
What Is The Difference Between Federal And State Tax Laws?
Understanding the distinction between federal and state tax laws is crucial for navigating your tax responsibilities efficiently. Federal tax laws, governed by the Internal Revenue Service (IRS), apply uniformly across the entire country and encompass various tax types, including federal income taxes, payroll taxes, and estate taxes. In contrast, state tax laws vary significantly from […]
How To Avoid A Tax Lien And Protect Your Finances?
Paying taxes on time and in full is the goal, but sometimes, financial difficulties prevent that. When a taxpayer falls behind on tax payments or has a significant tax debt, the IRS can place a lien on their property. A tax lien can severely impact your ability to sell property, secure loans, or get credit. […]
How To Resolve Your IRS Tax Debt: A Practical Guide
Filing taxes is a yearly task, but it’s one that can quickly become overwhelming, especially for those with multiple income streams or complex financial situations. Even when you’re diligent about your tax withholdings and planning, there’s always the chance you might owe the IRS more than anticipated. This type of surprise can create significant stress […]
How Can You Qualify For An IRS Installment Agreement?
If you’ve received a notice of unpaid federal income taxes and can’t cover the entire amount, the Internal Revenue Service (IRS) provides the option to settle your debt through an installment plan. By paying your tax debt immediately, you can avoid late payment penalties and interest charges. However, an installment plan may alleviate the financial […]
Payroll Tax Penalties And How To Avoid Them
Payroll tax penalties can be a significant burden for businesses, often stemming from errors like incorrect calculations, missed deadlines, or improper reporting. These issues can be mitigated by implementing a robust payroll management system. As your business grows and tax regulations become more complex, working with experienced tax professionals can help ensure compliance and prevent […]
How Can I Protect My Inheritance Under Current Tax Laws?
Tax laws play a crucial role whether you’re receiving an inheritance or planning to pass down assets to loved ones, a common concern is whether those assets will be taxed. In some situations, estate assets can indeed be subject to taxes. However, taxes generally only impact large estates, so most families won’t be affected. Federal […]
Why Is It Important To Know The Tax Implications?
Let’s be honest—nobody enjoys paying taxes. But understanding the impact taxes have on your financial decisions is essential for protecting your money and securing your financial future. Taxes affect nearly every aspect of life, from your paycheck to your retirement savings, to the sale of your home. By understanding tax implications, you can make smarter […]
Tax Considerations When Selling A Business
In Brief For business owners who have dedicated their time and energy into building their company, selling it can present a substantial financial reward and the chance to establish a lasting family legacy while embracing new opportunities in life. One key tax factor to consider during the sale is whether to sell the company’s assets […]
How Are Federal And State Income Taxes Calculated In The U.S.?
The federal personal income tax, managed by the Internal Revenue Service (IRS), serves as the primary revenue stream for the U.S. government. Almost all employed individuals in the U.S. must file an annual tax return with the IRS. On top of that, most workers contribute to their taxes year-round through payroll deductions from their paychecks. […]
