Owning a small business can be quite exciting and rewarding. Many people find, however, that it can also be quite stressful and confusing when it comes to making sure taxes are handled properly. A limited liability company, or LLC, is very commonly used as the vehicle for a new small business, so it is a good idea to understand the tax rules that apply to an LLC and its owners. In concept, an LLC is almost Read More

At its most basic, taxation is simply the process of accruing wealth and then paying a percentage of that wealth to the government in exchange for services. However, not all wealth is treated the same when it comes to your income taxes. While most people have a working knowledge of how their ordinary income is taxed—such as wages from your job—another key form of income which must be accounted for is one’s Read More

The Residential Renewable Energy Tax Credit (RRETC) is a useful tool which was set up and updated by Congress through several different legislative actions throughout the 2000s. It provides some fantastic federal income tax benefits to provide incentives for American taxpayers to install environmentally-friendly renewable energy systems in their homes. Below we have detailed four steps you should follow in order Read More

The IRS has an immense amount of power when it comes to taking action against taxpayers in order to uphold the US Tax Code and induce the payment of appropriate taxes. As we have previously discussed, the IRS has the power to levy your wages in order to satisfy your debts, better known as a “wage garnishment.” Below we have provided a number of answers to frequently asked questions regarding IRS wage Read More

Businesses that are based in the US but also conduct operations in other countries through various subsidiaries are known as US multinational organizations. All international businesses, whether they are based in a foreign country and operate in the US, or based in the US and operate abroad, are subject to unique challenges when it comes to corporate income taxes, but US multinationals are faced with some Read More

With tax season just around the corner it is always important to try to get organized to avoid having serious issues arise with the IRS. However, no one enjoys the stress of scrambling at the last minute to get things organized and trying to beat deadlines. Instead, it is much better to utilize organizational strategies for your taxes year-round. There is a wide variety of steps you can take to ensure you will Read More

It’s a new year and tax season is underway. As taxpayers across the country begin getting ready to file their tax returns, thoughts of most taxpayers’ greatest fear are beginning to creep in: the IRS audit. While fears over IRS audits tend to be greatly exaggerated, particularly if you are well-organized or entrust your taxes to a skilled professional, it is helpful to understand some of the things that could draw Read More

We are living in a golden age for do-it-yourself-ers. There is unprecedented access to information, and you can Google how to do just about anything. Things that used to take hours or days to research and learn about, you can now pull up on the internet in minutes. As they say, “everybody’s an expert.” Still, just because you CAN do something on your own, most certainly does not mean that you SHOULD. You can Read More

One of the biggest reasons taxpayers fear IRS audits is a lack of understanding of how the process works. As with anything in life, things will always seem more manageable and less scary when you are educated and knowledgeable about what is going to happen. Even when something is in fact going to be very difficult—and not all IRS audits are—knowing how the process is going to play out ahead of time can help you Read More