How To Turn Your Side Hustle Into A Massive Tax Deduction

tax dedcution

If you took on a side hustle last year to make ends meet and earn some extra cash, you may have found an unexpected surprise when you filed your taxes. If you did not prepare carefully, you probably ended up with a big tax bill for your troubles, possibly with penalties and interest added on. Given the unpleasant surprises of the past, you may be resigned to a life of higher taxes, all courtesy of the very side hustle you thought would help you gain financial freedom. But before you…

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If You Owe Back Taxes, Follow These Steps To Protect Yourself And Your Finances

back taxes

Few things are as frightening as opening the mailbox and finding a notice from the IRS, especially when you know you have a tax liability. The much-feared tax agency does not contact taxpayers just to say hello and receiving communication from them is normally no good news. When your heart stops pounding and you get the courage to open the letter, you get another shock – in the form of a large amount of taxes due, one you cannot possibly afford to pay. So, what do you do, and how…

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IRS Common Tax Relief Programs

IRS Common Tax Relief Programs

The old saying that “nothing is certain in life except death and taxes” has never been truer, or more frightening. In the current environment, fear of the IRS is creeping in, and nothing will get your heart racing quite as fast as opening the mailbox and finding a letter from them. When the IRS contacts you, you might think that there is nothing else to do. You may worry that you will have to liquidate your assets to afford what the IRS says you owe. The good news is that…

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What To Look For In A Tax Resolution Firm?

Tax Resolution Firm

No one like to receive letters from the IRS. The enforcement efforts ramp up at the IRS, the number of letters and communications landing in mailboxes is continuing to increase and one of them could land in your mailbox if the IRS says that you have a tax liability. If you do receive a letter from them, it is important to move fast, especially if you cannot afford to pay what they says you owe. You may be tempted to ignore the situation or do nothing, but every day you…

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Feeling Lucky At The Casino? So Does The IRS

Whether you are a professional gambler or a recent lucky starter, every gambler is fill with hope and excitement every time they walk through those casino doors. If you have been gambling for even a little while, you already know that Lady Luck can be a fickle partner. Sometimes the gods of the casino smile upon you, and other times they turn their back. So, when you finally hit the jackpot, you are overjoyed and brimming with excitement… At least until you consider the tax consequences of your good fortune.…

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Five Things That Can Unexpectedly Raise Your Taxes

Five Things That Can Unexpectedly Raise Your Taxes

Proper tax planning is a year-round proposition, not last minute at the tax return season. You cannot afford to wait until taxes are due to start planning them and assessing your tax liability. Knowing which factors can raise your taxes is one of the best ways to keep your hard earned money in your pocket. These five factors can unexpectedly raise your tax liability at the end of the year. Note: If you owe back taxes, our firm can help negotiate with the IRS and potentially settle your tax debt.…

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Should You Claim The Home Office Deduction?

home office tax deduction

More and more people have been looking beyond the normal nine to five and making their own way in the world, creating an income they can rely on, one that is directly tied to their skills and abilities. Since people are working remotely due to COVID-19, this accelerated this trend. Working as a freelancer or gig worker can also open up a world of tax savings possibilities. From retirement plans with generous contribution limits to health savings accounts to cover the high cost of private insurance to the ability to…

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Surviving Tax Day: The Procrastinator Guide

Procrastinator Guide

Tax filing season is probably the worst time of year if you are a procrastinator. With deadlines looming, filling out all those complicated forms and making sense of an increasingly complex tax code that changes almost every year can seem like an overwhelming task. But no matter how long you put it off, the April 15 tax filing deadline will arrive, and what you do to get ready will make all the difference. Most Americans voluntarily file and pay their taxes. Most people explain it by saying they want to…

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Avoid Tax Trouble: Three Essential Steps To Prepare For Tax Season

prepare for tax season

Taxes are one of those subjects that people hate to talk or think about, especially if they anticipate owing money in back taxes every year. That’s probably the reason why many taxpayers wait until the very last moment to prepare for tax season. It’s also why around 14 million Americans find themselves receiving threatening letters from the Internal Revenue Service (IRS) and the reason why they are in some sort of collection proceedings. With a new administration taking office in January 2021, more tax law changes are almost certain. COVID…

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How to Properly Handle Your Taxes

taxes

If you work for a regular monthly salary or operate a business, you are bound to pay income tax to the federal government through the Internal Revenue Service (IRS). However, it wouldn’t be surprising if you realize you have been overpaying or underpaying your taxes, depending on different circumstances. To avoid that, you need to file a tax return each year to keep your tax situation under control. Filing for tax returns lets you know if you qualify for a refund in the event you have been overpaying your taxes,…

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