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Category: IRS tax planning

Identity Theft
Protecting Client Data: A Must for Tax Professionals

As a business owner, safeguarding client information isn’t just good practice—it’s a legal requirement. The IRS has recently introduced a Written Information Security Plan (WISP)

Self-Employed Tax Mistakes
A Guide to Clergy Taxes for Religious Workers

Clergy members, including ministers, pastors, and other religious leaders, face unique tax challenges due to the dual status they often hold as both employees and

Business Startup Taxes
Are Your Start-Up Clients Making Costly Tax Mistakes?

Start-ups often face numerous hurdles, and unfortunately, many new businesses overlook critical tax obligations. Cash flow issues, often stemming from tax missteps, contribute to the

Business Tax Benefits
Discover Innovative Ways to Reduce Your Tax Burden

As a business owner, managing your tax burden can feel overwhelming, especially with ever-changing tax laws and regulations. However, there are numerous strategies available that

Tax Breaks
Cheer on a Tax Win for U.S. Olympic Athletes!

The recent Paris Summer Olympics were a monumental success for U.S. athletes, with many bringing home prestigious medals and cash rewards. But there’s another reason

Investment Taxes
Salvage Your Tax Break on Involuntary Conversions

When disaster strikes, such as a tropical storm or other unforeseen calamities, the damage to your investment property can be devastating. To make matters worse,

Real Estate Taxes
How to Make Sure Your Real Estate Options Pay Off

Introduction Real estate investment can be a lucrative endeavor, especially when you leverage the right strategies. One of the most effective tools in a real

IRS tax planning
Turn the Tables for Family Tax Credit

Providing financial support to aging parents or in-laws while managing child care needs can be taxing. Learn how converting support payments to child care payments can qualify you for a dependent care credit, easing your tax burden and benefiting your family in our latest blog post.

IRS tax planning
Tackling Bad Tax Advice on TikTok: A Challenge for the IRS

The IRS is facing a significant challenge in combating bad tax advice circulating on TikTok, a platform it cannot access due to federal restrictions. National Taxpayer Advocate Erin Collins highlighted this issue, explaining the difficulties in reaching users who rely on social media for tax guidance. The IRS has included misleading tax information on its Dirty Dozen list of tax scams and issued alerts on various credits being misused. Business owners are urged to rely on official IRS resources and trusted tax professionals to avoid falling victim to misinformation.

Business
Shutting Down a Sole Proprietorship: What You Need to Know About Taxes

Closing your sole proprietorship or single-member LLC? Understanding the tax implications is crucial. Selling your business assets triggers various tax considerations, including special rules for real estate, different tax treatment for various assets, and non-compete agreement payments taxed as ordinary income. Navigating these tax implications requires careful planning. We’re here to help at IRSProb.com

Back Taxes
Avoid the IRS’s 25% Late Filing Penalty with This Simple Tip

Did you know the IRS can charge you up to a 25% penalty for filing your tax return late? Many people don’t realize that you can avoid this hefty penalty by filing on time, even if you can’t pay the full amount you owe. At IRSProb.com, we’ve seen countless individuals save thousands by simply filing on time.

IRS
How to Safeguard Your Dutch-Treat Business Meal Deductions

Navigating the intricacies of tax deductions for business meals can be challenging, especially with the IRS’s Sutter rule potentially reducing or denying your claims. In “Navigating the Tax Maze: How to Safeguard Your Dutch-Treat Business Meal Deductions,” we unravel the nuances of this rule, highlight triggers that might attract IRS scrutiny, and provide practical strategies to protect your deductions. Discover how to effectively document your business meal expenses to ensure they are recognized as legitimate, deductible costs.