Taxpayers are incorrectly receiving balance-due notices from the IRS even though they don’t actually have anything due.

Failing to file is more common than you might think, and from my experience the most common reason is people have anxiety around how much they’ll owe in taxes, so they can (temporarily) avoid that anxiety by not filing and not seeing how much they owe.

When starting a business, the first thing you should be doing is to test and see if your business idea is viable. This is done with a financial forecast - a component of a larger, overall business plan.

If there are assets you are planning on passing along to beneficiaries, hold them in your name until you are gone, so they can transfer to them in a tax-efficient manner.

Is there any way to make a gym membership deductible to the business when the sole employee is the owner?

The first problem we run into is Section 162 – which states that for something to be deductible to a business it must be both ordinary and necessary. For the vast majority of industries, a gym membership would not qualify as ordinary and necessary to running the business.

Estimated tax payments are taxes paid to the IRS to cover taxable income that is not otherwise withheld throughout the year. If you are self-employed or have outstanding taxable income, you are responsible for these payments, but what does that mean?

Congress actually put forth a useful bill concerning the IRS - one that requires the IRS to provide more information when recalculating a supposed error concerning a taxpayer’s return.

A win for the taxpayer! Once they were able to prove that they did have a home-office under Section 280A rules, they were able to deduct all travel-related expenses to the property as well as count those travel hours as part of Real Estate Professional work hours.

Congress actually put forth a useful bill concerning the IRS - one that requires the IRS to provide more information when recalculating a supposed error concerning a taxpayer’s return.

A win for the taxpayer! Once they were able to prove that they did have a home-office under Section 280A rules, they were able to deduct all travel-related expenses to the property as well as count those travel hours as part of Real Estate Professional work hours.