As a business owner, if there is one thing you need to make sure you always do punctually, it is paying your taxes. If you entrust this task to one of your employees, take it upon yourself to check that they have done it. The Internal Revenue Service (IRS) will not be...
Year: 2020
IRS to target high-income earners
From time to time, the Internal Revenue Service (IRS) announces a campaign to target a particular sector of society and audit their tax returns. If you earn a high income, there may be a letter dropping through your letterbox this month. These are the two main reasons...
3 Audit red flags for the self-employed
Being your own boss comes with a great deal of independence and freedom. You can work at your own pace, choose your own workspace and set your own rates. However, the privilege of being self-employed also comes with some significant responsibilities. As a business...
4 commonly misunderstood self-employment tax deductions
Being your own boss has its benefits. However, one potential drawback of being self-employed is having to account for your own payroll taxes. To help ease the tax burden faced by the self-employed, the IRS allows for several tax deductions. It’s important to...
Top countries for offshore banking
Offshore banking can lead to compliance issues, but it is legal when it is done right. Channeling money through these financial havens provides businesses and wealthy individuals with such financial benefits as lower tax obligations, higher interest and fewer...
Form 1040 Vs. 1099: What contractors should know
Whether you are new to the contractor scene or you have made this your way of life for years, tax season can confound and overwhelm every year. For most contractors, combing through piles of tax forms to determine which one you are required to fill out is the hardest...
Common tax mistakes independent contractors make
Many individuals across Georgia make their livings as independent contractors with the large businesses that call the Atlanta metro home. For a lot of these contractors, the thought of navigating the tax labyrinth can be stressful enough to warrant outsourcing their...
When a business or self-employed individual has fallen behind in estimated tax payments
One of the greatest organizational and cash-flow obligations for small business owners and self-employed people is to stay up to date with estimated tax payments. If your small business or you as a self-employed individual have fallen behind in estimated tax payments...
Tax payment plan vs. tax settlement: What’s the difference?
Many serious tax problems stem from a simple and relatively common situation: being unable to pay the amount due to the IRS. What many people who find themselves in this situation do not realize, however, is that being unable to afford a tax payment is not necessarily...
IRS miscalculates interest on recent notices
In July, the Internal Revenue Service announced an interest rate calculation error on notices sent to taxpayers. The IRS uses form CP2000 when discrepancies exist between what is reported on a taxpayer’s return and information reported by an employer or bank. These...