Limited Liability Companies (LLCs) have become increasingly popular among entrepreneurs and small business owners due to their flexibility and liability protection. One crucial aspect...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 08/17/2023
Since couples can file their taxes jointly, some partners purposely neglect their tax duties which explains the reasons the innocent spouse relief law was enacted. The program is a...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 01/17/2023
A spouse usually signs joint tax returns with the knowledge to face the due tax, penalties, and interest accompanying the tax return. According to the IRS (Internal Revenue Service),...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 05/31/2022
When you change your location, many entities need to be updated on such status changes – credit card firms, fitness memberships, magazine subs, etc. There is a big probability...
Some errors on your tax return can cost you a large refund or end up with a larger tax debt with penalties and interest. There could be an audit in the worst cases, but you can defend...
Many taxpayers choose to run their business out of their home. This saves them money on renting out another space and the maintenance and utilities of another locations. And for...
More people are choosing to work from home with the rising influence of computers and information technology in the workplace. Working from home allows you to deduct home office expenses...
Posted by Elliot Kravitz, ATP on 09/30/2019
Rejecting tax extension application through e-file or on paper isn’t really something that the IRS would do a lot of times. However, they have rejected tax extension applications...
Posted by Elliot Kravitz, ATP on 04/17/2019
One needs to keep Uncle Sam aware of any move as soon as possible. Fortunately, there are many ways to do this. It can be over the phone or by completing a form provided by the IRS...