The holidays are great for spending time with family and friends. The holidays may also mean travelling long distances to meet with family and friends. Business owners and self-employed individuals may take advantage of this opportunity to deduct the cost of travel as a business expense. We recommend understanding the rules for business travel before taking the business deduction.
IRS Audit Proof For Businesses
Do you want your business to be IRS Audit Proof? Follow these 5 tips to insure that you don’t get in trouble with the tax man.
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IRS is Hacked
Earlier in the year, the IRS said identity thieves stole tax return information from 114,000 taxpayers. The IRS has since said the number of taxpayers affected was actually 220,000.
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Tried Calling the IRS Lately?
If you tried calling the IRS lately, you were likely either on hold for a long time or you were disconnected and told to call back later. You are not alone. Customer service at the IRS has declined significantly over the past year.
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Set up an IRS or Michigan Payment Plan
The IRS and State of Michigan have programs to help you pay outstanding tax balances. You are able to set up an installment agreement. The IRS and State of Michigan have different installment agreement programs.
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Tax Collection Statute End Date
Owing back taxes is a heavy burden. Especially if there is a limited ability to pay the taxes owed. If you are in this situation, it is good to know the Collection Statute End Date. There is a set period of time the IRS and the State of Michigan have to collect back taxes. Continue reading…
Tax Question – IRS Penalties and Payment Plan
Question: I am on a re-payment plan but the interest and penalties are adding up to more than my original debt and going up fast. How can I remove penalties but keep paying my taxes only? Is there a hardship form or another form I can complete to have IRS remove fees and penalties? Continue reading…
Get Your IRS Tax Refund
On March 11, 2015, the IRS announced they were holding on to more than $1 Billion of refunds for people who have not filed a 2011 tax return. If they did not file a 2011 tax return by April 15, 2015, then those people lost their tax refund. There is a statute of limitations for claiming a refund. If you are in this situation, there are forms you can file to get your refund prior to the statute expiring. Continue reading…
IRS Statute of Limitations for Tax Audits
How many years back can the IRS audit your tax return? Have you ever wondered how long you should keep documents used to prepare your tax returns? In this article, I review the IRS statute of limitations for audits. Continue reading…
PayPal and eBay Sales Can Cause Tax Problems
Over the last few years, taxpayers that use PayPal and eBay to sell goods are getting a strange form. The form is 1099-K, Payment Card and Third Party Network Transactions. Don’t ignore this form. You may be in for a big surprise if you do.
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