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IRS Offer In Compromise Saves $20,000!!

Our client came to with a tax bill totaling just over $22,000. He needed to file a few tax returns and also needed to deal with the outstanding issues facing him from the IRS. He was scared, unsure as to where to go, and moreover what to do about his IRS tax situation. He knew […]

On an Installment Plan to Pay the IRS? Here’s 5 Things You Need to Know

You negotiated an installment plan with the IRS, and they have been leaving you alone. As long as you continue to make that payment, IRS calls and letters are on hold, and everything is okay. To keep things running smoothly throughout the length of your installment plan, here are five things to keep in mind: […]

7 Statistics about the IRS Self-Employment Tax

IRS self-employment allows for an element of freedom and independence rarely enjoyed in the standard workforce. However, there are definite downsides, including a much higher tax rate. Highlighted below are a few things you should know about the IRS self-employment tax: IRS self-employment taxes are based on approximately 92 percent of self-employment income. This reduced taxation is […]

6 IRS Tax Issues That Cause Big Headaches for the Self-Employed

Taxes are a huge hassle for self-employed individuals, but many IRS tax issues can be avoided through advance preparation. Keep the following considerations in mind year-round as you prepare for the most pain-free tax season possible: Choosing the Right Form. Self-employed professionals often struggle to determine whether Schedule C or Schedule C-EZ is appropriate. Schedule C-EZ […]

5 Consequences of Failing to Resolve an Employment Tax Debt

Between the complications of tax season and the annoyance of quarterly payments, many self-employed professionals are consistently tempted to skip out on tax payments. Few, however, actually succumb to this temptation. If you fail to take care of self-employment tax debt, you may face one or more of the following consequences: Larger Payments With Interest Expect […]

On an Installment Plan to Pay the IRS? Here’s 5 Things You Need to Know

You negotiated an installment plan with the IRS, and they have been leaving you alone. As long as you continue to make that payment, IRS calls and letters are on hold, and everything is okay. To keep things running smoothly throughout the length of your installment plan, here are five things to keep in mind: […]

The Historic Origins of the IRS Self-Employment Tax

Sole proprietors and independent contractors love to grumble about the IRS self-employment tax, which requires them to pay twice as much as their traditionally employed counterparts. At one time, however, the self-employment tax burden was minimal. The fascinating origins of the self-employment tax make it quite clear that today’s taxpayers suffer a significantly greater financial […]

How to Calculate Self-Employment Tax

Self-employment taxes are notoriously complicated. Deductions, quarterly payments, and other considerations confuse and frustrate millions of independent contractors and sole proprietors. Not sure where to start? Use this simple guide as a blueprint. Track all earnings and expenses. Income eligible for self-employment taxes includes anything earned as an independent contractor, through babysitting, blogging, or other money-making […]

7 FAQ’s About IRS Employment Taxes

From levies to criminal charges, IRS employment taxes can lead to a variety of negative outcomes. The more you know, the better equipped you’ll be to handle action from the IRS. Detailed below are a few common questions — and answers — about employment tax debt. Will the IRS target me if I pay annual […]

6 Red Flags That Suggest Your IRS Tax Professional is Incompetent

The right IRS tax professional can help you achieve a sizable tax return, all while minimizing your risk of being audited. However, while many tax preparers offer big promises, not all are able to deliver. Think carefully about who you want to handle your taxes, and don’t hesitate to walk away if you observe any […]