News

Keys to Unlocking the Home-Office Deduction

The IRS recently reminded small business owners – especially individuals who are self-employed – that there are two methods of deducting home-office expenses. A lesser-known “simplified” method can provide a flat-dollar write-off without the usual recordkeeping hassles. But what the IRS didn’t say is this: Many taxpayers will be in line for a bigger deduction if …read more

IRS Face-To-Face Help Is Now By appointment

Taxpayers who need in-person help from an IRS Taxpayer Assistance Center (TAC) need to call to schedule an appointment. All TACs provide service by appointment. They are an essential service the IRS provides when a tax issue cannot be resolved online or by phone. Consider the self-service options on IRS.gov before calling for an appointment. …read more

The 7 Things To Do Right Now To Save on Taxes This Year

The beginning of summer is a great time to take stock of your financial picture and make any necessary changes. Why? You have a number of 2017 pay periods under your belt and you’ve had several months to work through any changes from 2016. A quick review now can save hundreds (or thousands) of dollars …read more

IRS: Home Office Deduction Often Overlooked by Small Business Owners

The Internal Revenue Service today reminded small business owners who work from a home office that there are two options for claiming the Home Office Deduction. The Home Office Deduction is often overlooked by small business owners. As part of National Small Business Week (April 30-May 6), the IRS is highlighting a series of tips …read more

Tips for Taxpayers Who Owe Taxes

The IRS offers a variety of payment options where taxpayers can pay immediately or arrange to pay in installments. Those who receive a bill from the IRS should not ignore it. A delay may cost more in the end. As more time passes, the more interest and penalties accumulate. Here are some ways to make …read more

Many Tax-Exempt Organizations Must File by May 15; Do Not Include Social Security Numbers or Personal Data

The Internal Revenue Service today reminded tax-exempt organizations that many have a filing deadline for Form 990-Series Information Returns in Mid-May With the May 15 filing deadline fast approaching, the IRS cautions these groups not to include Social Security numbers or other unnecessary personal information on their Form 990. The agency also asks them to …read more

Employee or Independent Contractor? Know the Rules

The IRS encourages all businesses and business owners to know the rules when it comes to classifying a worker as an employee or an independent contractor. An employer must withhold income taxes and pay Social Security, Medicare taxes and unemployment tax on wages paid to an employee. Employers normally do not have to withhold or …read more

Trump’s Tax Reform Priorities Unveiled

The White House on Wednesday issued President Donald Trump’s goals and key features for tax reform, including slashed corporate tax rates, flattened individual marginal income tax brackets, and repeal of the estate and alternative minimum taxes. Trump outlined his proposals in a one-page sheet of bullet points headed “2017 Tax Reform for Economic Growth and …read more

IRS Explains How Offer in Compromise Works

Taxpayers who have a tax debt they cannot pay may have heard that they can settle their tax debt for less than the full amount owed. It’s called an Offer in Compromise. Before applying for an Offer in Compromise, here are some things to know: In general, the IRS cannot accept a settlement offer if …read more

IRS Issues Tips on What to do After the Tax-Filing Deadline

IRS Issues Tips on What to do After the Tax-Filing Deadline Tax day has come and gone for most people, but some taxpayers may still be dealing with their taxes. The IRS offers these tips for handling some typical after-tax-day issues: Didn’t File by April 18? There is no penalty for filing a late return …read more