Tax Preparation Mistakes
Tax season doesn’t have to be a nightmare. Procrastination only makes it worse, and filing late could cost you in more ways than one. Filing
February 17, 2025
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Blog
Category: Tax Help
Military Tax Relief
Simplified Guide to Military Tax Benefits: Helping Service Members and Veterans Navigate Their Taxes
Members of the U.S. Armed Forces and veterans often have unique tax situations and needs. Recognizing the sacrifices they make, the IRS provides specific tax
January 9, 2025
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Business
If you’re a U.S. business owner with financial interests abroad, navigating tax compliance can be a challenge. Whether you hold funds in a foreign bank
October 28, 2024
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Business Tax Benefits
As a business owner, understanding how your filing status impacts your tax liability is essential for minimizing costs and staying compliant with IRS rules. For
October 28, 2024
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IRS Penalties
In recent years, the plight of Americans unjustly detained abroad has garnered significant attention, not just for the human rights implications but also for the
October 28, 2024
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IRS tax planning
In times of economic hardship, navigating tax obligations can make financial stress so much worse. Sometimes it may be due to being out of work,
July 22, 2024
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IRS tax planning
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.
July 17, 2024
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Tax Scams
The IRS recently released its annual “Dirty Dozen” list of prevalent tax scams that business owners need to watch out for, ranging from phishing attempts and employee retention credit fraud to fake charities and abusive tax avoidance schemes. By being aware of these common scams and taking proactive measures, businesses can protect themselves from costly penalties, identity theft, and legal consequences
June 26, 2024
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Business
Deciding who should own the business car—yourself or your corporation—is a crucial decision for single-owner S corporations. This choice impacts insurance rates, tax deductions, and administrative complexity. Individual ownership may offer better insurance rates, but it complicates reimbursements and tax reporting.
June 20, 2024
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Business
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
June 10, 2024
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