You should not wonder or panic when asking "what is a summons?" should you receive this notice from the IRS. Responding to one is easier than it seems. RELATED: How To Avoid Taxes Through The Mortgage Forgiveness Debt Relief Act In this article: What Is an IRS Summons? Why Is the IRS Sending Me a Summons? What Should a Taxpayer Know About an IRS Subpoena? … [Read more...]
How To Request For An IRS Hardship Payment Extension
Taxpayers with difficulties paying taxes can apply for an IRS hardship extension. Here's how you can approach the matter. RELATED: 9 Tax Records You Should Keep In Your Business To Avoid IRS Audit Steps on How to Apply for an IRS Hardship Payment Extension Program 1. Confirm If You Qualify for the IRS Hardship Program First For the IRS, hardship is more than not having … [Read more...]
IRS Penalty Calculator: Breaking Down Your IRS Late Fees [INFOGRAPHIC]
Fees and penalties can eat up your savings, so knowing and using an IRS penalty calculator can save you time, effort, and money. In this article: What Are the IRS Late Fees? How Are IRS Late Fees Calculated? How Can I Use an IRS Penalty and Interest Calculator Correctly? What Do I Do After Calculating My Late Fees? When Do You Use an IRS Payment Plan Form? … [Read more...]
6 Small Business Taxes Owners Must Pay
Small business taxes can make or break finances for taxpayers, and knowing more about this type of business taxes can help taxpayers prepare and budget accordingly. RELATED: Business Vs Hobby: How The IRS Qualifies Hobby Income As A Business In this article: Local Business Tax, Specifically Sales Tax Income Taxes for Small Business Taxpayers Dividend Tax for … [Read more...]
IRS Audit Triggers You Need To Know If You Are Self Employed
Self-employed taxpayers should familiarize themselves with IRS audit triggers to avoid a costly tax audit through prudent actions. RELATED: How To Avoid Taxes Through The Mortgage Forgiveness Debt Relief Act In this article: Who Does the IRS Consider as Self-Employed? What Are the Proper Business Deductions for Self-Employed Taxpayers? What Are IRS Audit … [Read more...]
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