Are Fringe Benefits Taxable- What To Know?

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taxable fringe benefits in 2021

  If you love your job, at least part of the reason for your happiness at work might have something to do with fringe benefits you receive. According to the IRS, the fringe benefits as pay that an employer gives an employee for performing services. Fringe benefits are usually taxable unless the law particularly excludes… Read more »

Tax Law Changes To Know Before Filing Tax Return In 2021

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tax law changes in 2021

  With 2020 over, it means the tax season to account is round the corner. Just like 2020, this tax season promises to be full of unique considerations- due to the coronavirus pandemic. So it is essential to familiarize yourself with the latest updates to the IRS tax code and how it may affect you…. Read more »

What Is IRS Levy And How To Get Exemptions?

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what is IRS levy

  Tax levies put your assets at risk. To remove them, you need to work with the IRS to pay your back taxes. A tax levy is a serious business if you owe back taxes. Here’s how a tax levy can affect you, and how you can remove the IRS levy. What Is A Tax… Read more »

Dealing with Tax Problems- IRS Problem and Solution

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how to deal with IRS problems

  Every year numerous people run into trouble with the IRS. You might have unpaid taxes or unfiled returns or facing audit or garnishment, etc. In other words, there are several IRS tax problems that you might have to face if you don’t hire proper CPAs. However, regardless of these problems, there is a resolution…. Read more »

What Are The Tax Strategies For High Income Earners?

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What Are The Tax Strategies For High Income Earners?

No one wants to pay more taxes than they legally have to. After all, income tax is typically the largest expense for most people. With this in mind, the government offers tax deductions and credits to ease this financial burden.  But the system seems to favor those who fall in a certain income range. Why?… Read more »

What Happens If You Cannot Pay Taxes You Owe?

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What Happens If You Cannot Pay Taxes You Owe

You have finished preparing the tax return and notice that you have to pay someone a huge sum, but can’t afford to pay it. Will you go to jail? Probably not. The realization that you can’t afford to pay your taxes can make you feel uneasy, but don’t worry. There are things you can do… Read more »

Why And How Long To Keep Business Records For Tax Purposes?

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business-records

For many new small business entrepreneurs, the first year is actually the hardest. First, you need to decide what form of business you actually want, then there’s extensive business record keeping. Bad record-keeping can be a big pitfall if you are a small business owner. You can avoid headaches when you are filing your tax… Read more »

Few Tax Preparation Mistakes To Avoid In 2020

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tax-preparation-mistakes

Do you know your business’s cash flow takes a hit when you owe IRS money? In such a case, avoiding a tax debt can be really simple like knowing when and how to file the small business tax return. Also, by knowing what business tax mistakes to avoid, you can prevent having to pay the… Read more »

What Are The Types Of IRS Tax Agreements And Plans?

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irs-tax-agreements

Owing money to the IRS is common for every working individual across the US. However, several affected individuals aren’t aware of the IRS payment options available to them. The IRS has set up payment options that can be applied to people in various financial situations. This is established through a proper payment plan, which is… Read more »

Year-End Tax Planning Hacks for The Small Business Owner In 2019

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yearend-tax-planning-hack-2019

Taxes for small businesses can be confusing. Several questions are there roams around the mind. Confusion is not an unnatural thing. Few Questions comes to the mind such as: How much do I pay? Why do I have to pay this amount? How can I reduce taxable income? However, it is better to do year-end tax planning… Read more »