Tax Tips
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IRS CP-501, CP-503, CP-504 Notices – What Do They Mean?
For any number of reasons, many people find themselves falling behind and owing the IRS for previous year’s taxes. Fortunately, the IRS will send a veritable barrage of official written notices to remind you about your outstanding balance. CP-501, CP-503, and CP-504...
I Received a 668(y) IRS Notice- What Now?
IRS Form 668(y) is an official IRS notice that a lien has been placed against your property for failing to resolve your outstanding tax debt. This lien protects the government’s interest in all your property, including bank accounts, personal property, real estate, or...
Top 3 Things to Investigate With Any Tax Firm
When handling any tax-related concerns or issues, or dealing with the Internal Revenue Service (IRS), always be sure to obtain the best legal advice. Moreover, before securing the professional services of a tax firm, always ensure they are knowledgeable, of good...
Traditional vs Roth IRA: A Breakdown
Do you know the difference between a traditional vs Roth IRA? More than half of all Americans don’t—and admittedly the two can be confusing. Both types of IRAs function similarly. You can only contribute $5,500 a year You can only withdraw money before you turn 59 ½...
The Glory of the Home Office Deduction (And What It Means for You)
The home office tax deduction is often overlooked by self employed (small business owners and independent contractors) individuals however, if you keep meticulous records, it can prove very beneficial at tax time. A qualifying home office can lead to larger overall...
The 411 on Estimated Tax Deposits
What’s the deal with estimated tax deposits? If you’re self employed or own a business, you may know you need to file but don’t know how. Or, if you’re like many Americans, you may be confused whether you need to make tax deposits at all. If you’re a taxpayer that...
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