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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%...
Aug 12, 20222 min read
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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....
Aug 10, 20222 min read
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71. How to open a Bank Account for Minors
Nowadays it is a must to have a bank account and it is never too early to start saving money and teaching kids how to manage income and...
Jul 28, 20224 min read
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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...
Jul 26, 20222 min read
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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...
Jul 21, 20222 min read
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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...
Jul 21, 20224 min read
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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...
Jun 22, 20221 min read
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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...
Jun 16, 20224 min read
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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...
May 13, 20224 min read
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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...
May 12, 20221 min read
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