During tax season, too many small business owners get blindsided by unexpectedly large tax bills they thought were paid for. While they do file taxes, much of the problem originates from not knowing about estimated tax and thereby amassing tax debt as a result. Unlike...
Running a small restaurant is a labor of love, but it brings money matters to the table too. However, in running small restaurants there may be times when it is tempting to overlook some tax duties, but those little gaps can add up. When unreported income piles up,...
When someone files their taxes, they hope the IRS accepts the return and processes it timely. However, complications could arise with certain filings, and the IRS may audit a taxpayer. An audit might conclude with the tax agency determining the taxpayer owes...
Tax season can be a source of stress and uncertainty for online freelancers. Unlike traditional employees, they do not have taxes withheld from their earnings. This means that they need to be proactive in managing their tax obligations. To ensure a smooth and...
If you are behind on your taxes, working with the Internal Revenue Service (IRS) to pay it back is the best solution. Otherwise, the agency can take legal action by issuing a levy on your wages. If you owe taxes and have received multiple notices to pay, the IRS can...
The Internal Revenue Service (IRS) has the authority to freeze bank accounts under certain circumstances. It is important to be aware of these situations to avoid any unexpected financial complications. Here is a straightforward guide to help you understand when the...
Running a restaurant is a demanding job. You have to deal with managing inventory, employees, health inspections and paying taxes. To increase their take-home pay, some restaurant owners underreport sales when filing taxes. However, this is a form of tax evasion, and...
Filing taxes in Texas is stressful. There are multiple forms to fill out, deadlines to meet and the right amount to pay. If the IRS flags your return for review, don't panic. It doesn't necessarily mean you did something wrong. A review is not the same as an audit A...
The pandemic had an impact on everything in our nation. Grocery stores closed and had difficulties keeping shelves stocked, offices and schools shifted to virtual offerings, even federal agencies like the Internal Revenue Service (IRS) cut back on operations. This,...
If the IRS has questions or concerns about a tax return, it will send you an audit notice. An audit may occur by mail, at an IRS office located near your Texas home or at your home or business. While there is no guarantee that a return will be selected for...
