On May 10, Maryland Gov. Larry Hogan (R) signed into law a bill that reduces the annual interest rate for tax deficiencies and refunds. The interest rate will reduce by one percentage point each year, with the current 13 percent … Read More
Do You Need an S-Corp?
If you operate your business as a sole proprietor or in a group as an LLC, the S-Corp election might be just want you need! Now, if your profit is less than 50,000 a year then the extra complexity is not worth the small amount of tax savings. But, if you gross over 50,000 it is worth running the numbers to see how much you could save and what other tax/ business/ and retirement advantages you could set up.
Don’t Pay Your IRS Back Taxes With An iTunes Gift Card
According the the FTC there is a recent scam where people will pretend to be from the IRS and request that you pay your back taxes using an iTunes gift card. This is a scam. The IRS will not call … Read More
Avoid Paying Back Premium Tax Credit for 2016
Did you have to pay back some of the PTC Premium Tax Credit when you filed your 2015 taxes? This was likely due to you earning more money in 2015 than you estimated when you filed for your health care … Read More
700 New Jobs at the IRS
The IRS will be hiring roughly 700 new staff members to assist with enforcement. This should theoretically help resolve tax issues faster as you or your hired CPA, EA, or attorney could spend less time on hold and less time … Read More
How to Choose a Tax Professional
In order to do your taxes you hand over a lot of personal information. First and foremost you want to choose someone you can trust. Some good questions to ask would be: What do you do with my personal information, … Read More
Where Did the Taxes You Paid in 2013 Go?
Source: PolicyMic Sincerely,
Year End Quickbooks and Tax Special!
Are you a small business owner or sole proprietor? Do you find yourself procrastinating the bookkeeping, accounting, and tax work this year? Would you like to hire someone else to organize and account for your income and expenses for 2013 … Read More
Only Check ‘Where’s My Refund’ Once a Day
If you have filed your tax return and you wish to track your refund the IRS offers an online tool to track this. According to IRS.gov they have been reporting a high number of online requests on this tool. So … Read More
Tax Avoidance by Large Companies
Created by: www.MastersDegreeOnline.org Sincerely,
Professional Tax Return Preparers
As of now anyone who prepares tax forms needs to have a PTIN a Preparer Tax Identification Number. According to IRS.gov there are currently 638,317 active PTINs. Sincerely,