Starting a small restaurant can be a thrilling venture, but it can also be overwhelming. As the owner, you are likely juggling multiple roles – from chef to accountant and everything in between. However, when it comes to reporting income, precision is crucial. Even...
Starting a business can be a thrilling venture, but it can suddenly turn into a nightmare if you are not careful with your taxes. As an entrepreneur, you wear many hats and juggle different tasks, and it is easy to overlook tax obligations. However, the Internal...
Have you ever filed your taxes only to realize later that you made a mistake? Don't worry; it happens to many people. The good news is that you can amend your tax return in Texas. Why should you amend your tax return? You might need to amend your tax return for the...
Being contacted by the IRS can be extraordinarily stressful, especially if they plan to audit you or if you’ve been accused of significantly underpaying your taxes. It may seem like the notice you receive can be easily pushed aside and dealt with later, but don’t...
Receiving a letter of deficiency from the Internal Revenue Service (IRS) can cause significant concern for taxpayers. This formal communication indicates a discrepancy in your tax return, potentially leading to additional taxes owed. If you receive this notice, you...
To check if taxpayers are reporting their income and deductions correctly, the Internal Revenue Service (IRS) employs various methods, such as audits. However, the complex world of tax audits can be daunting. The two primary types of audits are correspondence and...
Receiving notice of federal tax liability from the Internal Revenue Service (IRS) can be stressful. Failure to address this crucial issue may lead to the agency imposing fines and penalties. If you struggle to pay your tax debt in full, consider applying for an offer...
Losing a loved one is never easy. The emotional burden can be overwhelming, and dealing with their financial affairs might be the last thing on your mind. However, it is crucial to understand that you could be inheriting more than just cherished memories – you might...
You may wonder if you can use bankruptcy to discharge tax debt that you cannot pay. Unfortunately, tax debt is generally not dischargeable in bankruptcy, with some exceptions. One factor in determining if your tax debt can be discharged is the type of bankruptcy you...
You don’t want to be audited by the IRS. If you are, then your finances will be put under a microscope, which could lead to extensive penalties or even allegations of criminal wrongdoing if it’s found that you underreported your income and failed to pay your taxes....
