Question: I’m currently separated from my spouse, who owns his own business, and we are in the process of getting a divorce. I have always filed jointly with my husband and now the IRS is sending me notices stating I owe $65,000. I have no idea how they are coming up with this amount as …
Avoid IRS Tax Audits! Red Flags That Trigger IRS Audits: Claiming Business Losses Multiple Years in a RowWhen you operate a business and file Schedule C, the IRS assumes you operate that business to make a profit. Claiming losses year after year without any profit raises a red flag with the IRS. Failing to Report …
Are you a gig worker? You may or may not realize special tax filing specifications you have. The following is excellent information from Liz Farmer, Senior Contributor at Forbes Magazine: The number of gig workers in America has been growing in recent years, but the COVID-19 pandemic has accelerated that trend. Before the pandemic, around 41 …
Question: I own a small business and we were forced to close due to the Pandemic and in order to keep afloat, I did not pay our payroll taxes for a few quarters. How much trouble am I in? Answer: Owing 941 payroll taxes is very different from owing personal income taxes. Not only can …
Question: I do not have the funds to pay what I owe for my 2019 income tax return. I also was late in filing the return. Not only is the IRS demanding the tax I owe, but they have slapped on these huge amounts for penalties and interest. I had extenuating circumstances that caused all …
Question: My business has been adversely affected by the COVID-19 Corona virus. I’ve had to lay off all of my employees and basically shut down my operation. I don’t have the money to pay my payroll taxes that I owe. Is there anything I can do? Answer: Yes. The Small Business Administration (SBA) has just …
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(Filing Mistakes Could Land You In Tax Trouble) It can be a stressful experience preparing your taxes and filing them. It canbe even more stressful however, if you make these mistakes that land youinto tax trouble. It’s important to remember that if you make mistakes that are serious enough, you might end up triggering an …
Read more “4 Mistakes That You Don’t Want to Make When Filing Your Taxes.”