86. How to Pay Your Medical Expenses TAX FREE!
How to pay your medical expenses TAX FREE! Health Savings Accounts (HSA) Start saving more on healthcare. A Health Savings Account (HSA)...
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Nov 22, 20221 min read
85. Difference between E-File and Paper File
Over 82 million individual taxpayers file their taxes electronically in 2021, It is 92% of all U.S. Taxpayers! Why E-filing is so...
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Aug 12, 20222 min read
73. Penalties for Late Filing and Payment of Federal Taxes
If both a failure-to-file and a failure-to-pay penalty apply in the same month, the combined penalty is 5% (4.5% late filing and 0.5%...
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Aug 10, 20222 min read
72. It's Time to Start Your Own Business!
Start your own business! Starting your own business is one of the most powerful ways to take control of your life and make extra money....
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Jul 26, 20222 min read
70. Why You Should Pay Your Children Under Age 18?
In case you haven’t considered it, hiring your children may be the easiest and legitimate way to cut your taxes. In this article, I am...
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Jul 21, 20222 min read
69. The Annual Report: What You Need to Know!
What is an Annual Report? An Annual report is necessary because it keeps the company in good standing status as a registered entity. In...
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Jul 21, 20224 min read
68. What is Payroll?
If you are a business owner, no matter what business you’re in, you probably have or will have employees. In general, Payroll is payments...
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Jun 22, 20221 min read
67. Don’t Waste Money on Penalties!
Don’t waste money on penalties! Penalties apply when you owe taxes or did not file a tax return or extension. Keep in mind that the...
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Jun 16, 20224 min read
66. 1040x Amended (Corrected) Tax return. True Stories (All names are changed)
Important! You can correct your taxes for the last three years! Story 1 Clients Alice and Erik came to our office with a recommendation...
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May 13, 20224 min read
65. Why the IRS Audits You and What to Do if You Are Audited?
If you just received a notice that your taxes are being audited: what does it mean? A Tax Audit is an accounting procedure where the IRS...
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May 12, 20221 min read
64. Have you got a letter from the IRS? Don’t ignore it. Don’t panic and act on time.
What to do: Verify why exactly the IRS sent you a letter. The agency categorizes notices to: – information letters (the agency wants to...
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May 11, 20221 min read
63. I Made a Mistake on My Tax Return, What Should I Do?
You must file an amended tax return entering the corrected info and an explanation of why are you changing your report. Based on the...
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Apr 1, 20222 min read
59. Taxpayers should file their tax returns on time to avoid costly interest and penalty fees
Taxpayers should file their tax returns by the deadline even if they cannot pay their full tax bill. Taxpayers who owe taxes and don't...
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Feb 26, 20223 min read
57. Tax optimization with 401K Solo MUST have payroll!
Get ready to launch a solo 401(k) retirement plan Most contributions and other limits for retirement plans only budged slightly for...
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Feb 25, 20221 min read
56. Error in form W2 or 1099?
Substance over form. Have you received a W-2 or 1099 with an error? Check forms carefully to ensure accuracy. If you discover a mistake,...
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Feb 21, 20221 min read
55. It’s Time to Finalize your Taxes!
It is now mid-January and you should be receiving all of your tax forms shortly or you may already have them. If you have everything you...
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Feb 19, 20221 min read
53. Low-Income Taxpayer
Low-incomers needn't pay back credit overpayments. But others will have to. Families with 2021 modified adjusted gross incomes at or...
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Feb 18, 20221 min read
52. Protection PIN for Individuals
IRS wants more individual taxpayers to get identity-protection PINS as extra protection from tax identity theft. The IP PIN is a...
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Feb 17, 20221 min read
51. Child Tax Credit
The monthly child credit payments aren't taxable. On your 2021 Form 1040, which you file next year, you'll reconcile the payments you got...
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Feb 1, 20223 min read
43. Are You an Independent Contractor or an Employee?
It is critical that business owners correctly determine whether the individuals providing services are employees or independent...
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