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How to Hire Your Kids to Save $1,000s In IRS Tax dollars
How much can I pay my child to work for my business according to the 2023 IRS guidelines?
The 2023 IRS guidelines state that you can pay your child a reasonable wage for their work in your business. This wage should be comparable to what you would pay an unrelated employee for similar work. It is important to keep accurate records of the hours worked and the tasks performed by your child, as well as to pay them regularly. This allows you to demonstrate that the payments are legitimate and that you are not using them as a means to avoid taxes.
Read Full ArticleWhich IRS Tax Professional Can Help? CPA, EA, Tax Attorney
When seeking tax debt relief, choosing the right IRS tax professional can make all the difference. From credentials to communication, here are eight critical considerations to guide your selection: 1) Credentials and Qualifications, 2) Experience with Similar Cases, 3) Reputation and Reviews, 4) Transparent Fee Structures, 5) Availability and Communication, 6) Continuing Education, 7) Professional Association Memberships, and 8) Trust and Comfort. Ensure a thorough evaluation to navigate your tax challenges with confidence.
Read Full ArticleResolve your IRS tax problems promptly with these 10 Steps
Confronting tax problems related to issues from the IRS can be daunting and tense. If you have outstanding taxes, are confronted with an audit, or encounter other tax complications, it’s vital to act promptly and discover a resolution. Luckily, there are measures you can adopt to address your tax predicaments and reclaim authority over your monetary circumstances.
Read Full ArticleIRS Jeopardy Assessment: Can the IRS Levy for Owed Money?
Discover the implications of an IRS Jeopardy Assessment for tax debt. Learn if the IRS can levy due to outstanding liabilities. Get informed now.
Read Full ArticlePayroll Taxes-What You Better Know About Them And form 941
What you should know about payroll taxes, form 941, payroll tax filing, due date of returns and deposits, and penalties for not payroll tax filings.
Read Full Article3 Bona Fide IRS Collection Alternatives to Solve Back Taxes
3 Bona Fide IRS Collection Alternatives to Solve Back Taxes
Read Full ArticleCatastrophe Trust Fund Recovery Penalties and How to Resolve
Rather, the TFRP is a collection device that permits the IRS to impose liability on a “responsible person” who “willfully” failed to remit the employment taxes that were held in trust for the government.
Read Full Article1 Way to Pay Less Tax Like The Rich
How to Pay Less Tax Like The Rich The richest Americans pay less tax via overall a lower tax rate than average due to what the IRS shows they do differently. The ultra-rich save the most tax, according to IRS statistics. And over 90% of them have one thing in common. They do not sign their…
Read Full ArticleIRS Tax Enforcement Ambitiously Cranks Up
IRS Gears Up for Aggressive Tax Collections and Enforcement IRS Commissioner Charles P. Rettig testified before the Senate Finance Committee, sending the message that the IRS is committed to catching intentional tax evaders. He stated “The IRS is committed to having a strong, visible, robust tax enforcement presence to appropriately support taxpayers who comply voluntarily.…
Read Full ArticleBank Levy: Insider Tricks To Stop One
Your Best Defense Against A Bank Levy A Collection Due Process Hearing, also known as a CDP hearing, maybe your last best chance to resolve a tax controversy and stop a bank levy with the IRS short of tax litigation. The IRS does not allow taxpayers to request these hearings for “frivolous” reasons. That includes…
Read Full ArticleGreat Opportunities For IRS Tax Debt Relief
When you have IRS tax debt and know that you owe taxes, a common and reasonable response is panic, particularly if you owe a lot of money to the government. Individuals and people who own small businesses often seek help from tax relief services. These firms represent you before the IRS, submit Offer In Compromises,…
Read Full ArticlePayroll Tax 101: A Comprehensive Guide to Understanding Taxes for Employers
Payroll Tax 101: A Comprehensive Guide to Understanding Taxes for Employers
Read Full ArticleUnlock your financial luck with these 8 magical keys.
Would you rather have financial luck or be good with money? Most financial challenges aren’t just because of unfortunate events. They are usually founded on poor financial habits. Some may call it financial luck, but most money challenges can be dealt with with using effective habits. Even a minor unforeseen cost can be crippling, with unsuitable…
Read Full ArticleTax Credits and Tax Deductions: Discover The Huge Difference
Tax Credit vs Tax Deduction Understanding the Key Distinction Tax credits and tax deductions are powerful tools that can significantly reduce your tax liability. You’ll be pleased to know that understanding how they work is within your grasp. In this post, we will demystify tax credits and deductions and provide you with concrete examples for…
Read Full Article5 IRS Tax Relief Programs to Restore Financial Freedom
There are several IRS tax relief programs that give more taxpayers their financial freedom. In this post, I go over five of those programs.
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