Governor Snyder signed into law HB 4003. HB 4003 allows the State of Michigan to negotiate Michigan taxes. This is exciting news for Michigan taxpayers! For the first time ever, Michigan residents will be able to negotiate Michigan taxes for less. The new law will start in 2015.
Negotiate IRS Taxes
Can I really negotiate with the IRS? Does getting pennies on a dollar happen? There is no way the government would reduce my tax bill. It is the government. The government does whatever they want.
Tax Refund was Seized
2013 taxes are done and you expected a tax refund. You checked your bank account for the bank deposit. You checked your mailbox for a check. No refund. What is going on? You finally receive a letter from the IRS or State. Your tax refund was seized.
Federal and State Tax Liens Effect on Credit Rating
You noticed an IRS or state tax debt on your credit report. Your first thought, “How can you pay when the IRS does everything possible to make your life difficult?” There is one issue with this thought. Federal or state tax agencies do not report your back tax debt to the credit bureaus.
Amending your Prepared IRS Tax Return
You filed your taxes on time and it was a huge relief. Getting your taxes prepared every year is burdensome. Then you stumble upon some additional tax information. The nervous twitch you feel inside about taxes comes back. We recommend amending your IRS tax return.
What will the IRS do when you owe back taxes?
You’re expecting a large tax bill. You are afraid of the big bad IRS. The IRS will take your car in the middle of the night. The IRS will possess your home and leave you with no place to live. The IRS will wipe out your bank account and garnish your wages. The IRS will make it impossible for you to earn a living. How does the IRS expect you to pay the taxes owed if you can’t earn a living?
Fraudulent IRS Emails
The busy tax season is a prefect time for IRS scams. Check out this email one of our client’s received.
Can I pay myself wages if I am self employed?
This is a common question. You are self-employed or owner of a business. You do not want to deal with paying quarterly tax estimates to the IRS. There are many companies offering payroll services. The payroll company can manage all your payroll needs for you. If you pay yourself sufficient wages, you will get a refund at the year. Seems easy. Well it is. But are you are unsure if you can put yourself on payroll.
Top 10 Tips for Getting Your IRS Taxes Prepared
We review the Top 10 Tips for getting your IRS taxes prepared. The goal is to help you choose a good tax preparer and to watch out for potential pitfalls. Continue reading…
Independent Contractor Trap
In our previous article, we reviewed the advantages and disadvantages of hiring independent contractors compared to employees. Small business will want to treat all workers as independent contractors. It is less expensive and less work. Conversely, workers prefer to be treated as employees. The worker will pay less tax and it is less hassle. The small business and the workers have conflicting interest.