With the rise in divorce and an increase in the number of people who have past-due tax liabilities, more taxpayers are seeking relief. Knowing the difference between injured spouse and innocent spouse could be very beneficial when trying to understand what options are available when you’re being penalized for a tax debt that’s not your …
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As the 2014 tax season begins early this year millions of families and businesses alike faced an increase in taxes, but the 113th congress passing of H.R. 5771, Tax Increase Prevention Act of 2014 has extended many tax breaks previously set to expire. Title I: Certain Expiring Provisions- Amends the Internal Revenue Code to extend …
Keeping meticulous records is one of the most important aspects of small business operations. Particularly when it comes to taking deductions for expenses incurred in a business considered to be a hobby by the IRS. This was certainly the case for the owner of a hair salon. In most cases, tax deductions for hobbies are …
If you’re a small business owner I’m sure you had a distinct business plan when you started your business. Even if it was only in your head. The problem is you didn’t develop a tax plan to accommodate it. With taxes being one of the biggest expenses for small businesses not having a tax strategy …