Tax Blog
Billions in Overlooked 1099-K Taxes – Be Prepared to Pay Up
You may be higher on the IRS watch list than you know, thanks to previously overlooked 1099-K forms. You’re a business owner. And like all business owners, you want to be paid. So aside from cash, you take debit and credit cards, using a company like Square or another...
Why “IR 2020-34″ Should Scare You
Way back in February of 2020, the IRS issued IR 2020-34, which announced their plans to hunt high-income non-filers and bring them into compliance. Then the pandemic happened. Everything paused. Guess what? The IRS is on the hunt again, looking to simply enforce the...
Did You Defer Payroll Taxes in 2020? Beware a Reckoning.
Part of the Coronavirus Aid, Relief and Economic Security (CARES) Act allowed employers to defer payment of their share of payroll taxes required between March 27 and December 31, 2020. Those deferred payroll taxes are paid back in two installments – the first due...
Common Errors to Avoid When Preparing Your Tax Return
Using a reputable tax preparer and filing your return electronically are two ways to cut down on errors. Nevertheless, there are some common errors to avoid when preparing your tax return. The IRS lists the key errors to watch out for now that can save you some...
Tax Perks of Owning a Home
Home Ownership. Part of the American Dream. Paying taxes each year. Part of the American Reality. The good news is that there are tax perks of owning a home. Where those two paths cross – home ownership and your taxes -- are some tax perks you want to be sure you are...
Make 2021 Free of Tax Issues
With 2020 finally in the rear view mirror, make 2021 free of tax issues and take care of one last piece of 2020 business before you say goodbye for good – your 2020 taxes and those lingering tax issues. Tax Day is back to April 15th in 2021, so there is still time to...