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Business Tax Payments: Which Are Deductible?
Business owners tend to have more tax responsibilities than individual taxpayers. They are not only required to withhold taxes from the paychecks of their employees but also pay other employment taxes, such as Social Security and Medicare tax. There are, however, certain business tax payments they can deduct as business expenses. Here’s a quick look at some of the different taxes businesses typically pay and which may be deductible. Which ...
read more »Forgiven Debt and Taxes
Being in debt is not pleasant, but when a debt is forgiven, it can be a huge weight off your shoulders. Although it’s a great relief to no longer owe the debt, you may find that you now owe the IRS. The tax implications of debt forgiveness or cancellation, however, will depend on your individual facts and circumstances. Form 1099-C, Cancellation of Debt When a creditor ...
read more »Taxpayer Relief When Disaster Strikes
Hurricane Ida left a path of destruction that stretched from the Gulf Coast up to the New England area. Although residents in Louisiana, Mississippi, Pennsylvania, and other affected areas are left to clean up after the storm, they can relax knowing that the IRS offers taxpayer relief when disaster strikes. Who is Eligible for Disaster Tax Relief? Before the IRS can provide any taxpayer relief, the ...
read more »Explore Your Tax Debt Relief Options
For most people, the stress of owing back taxes can be overwhelming- especially if you’re unable to pay. Ignoring the situation, however, will only make things worse. The IRS will not turn a blind eye to your tax debt. It will continue to send demands for payment and eventually place you in collections. This means your paycheck, bank accounts, and even your property could be at risk. Before things escalate to that level, ...
read more »Are You Currently Not Collectible?
Although you should plan on resolving any delinquent tax bill, you may not necessarily have to pay the entire amount at once. In fact, you may not be required to pay anything, depending on your circumstances. There are several items to consider when you receive notice of an IRS debt, beginning with what your letter actually means. Notice of Assessment In the event that you pay too little or simply fail to pay a tax liability, the ...
read more »Rental Income and Taxes
If you receive rental income, you are required to report it to the IRS. Any income received from the use or occupation of your property is considered rental income. There are two methods of accounting: the cash method and the accrual method. If you use the cash method, you report your gross rental income on your return for the year in which you receive it (not when it was earned). If you use the accrual ...
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