Sean H. Discover how we helped a client facing an IRS bill of over $3,000 due to a tax return error regarding retirement income. Our expertise in tax preparation and diligent representation led to the IRS removing the bill entirely, saving the client a substantial amount and providing a significant win.
Ever pondered the mystical realm of write-offs? These magical deductions are like unicorns in the tax world—legitimate expenses that can prance right off your taxable income! But beware, fellow tax adventurer, for the path to write-off enlightenment is fraught with perilous pitfalls. The line between deductible and non-deductible expenses is as thin as a tightrope … Read more
Quick answer: there’s a difference, but we need a longer explanation for that. According to the IRS, cash or cash equivalent items provided by the employer are generally taxable and cannot be excluded from income. However, there is an exception for occasional meal money or transportation fare to help employees work beyond normal hours. Gift … Read more
Being your own boss has its perks, but tax time can be a real rollercoaster! Here are some tips to help you navigate the wild world of freelancer, contractor, and consultant taxes and maybe even score a few deductions along the way: So, buckle up and get ready to trim your tax bill like a … Read more
Avoiding Tax Troubles: Why Random Advice Isn’t the Key! Oh, if we have one dollar for every time a client says: “My real estate agent/life insurance guy says…” First of all, real estate people are knowledgeable about real estate, and life insurance people are good with finding out whether you’d be a good candidate for … Read more
Learn how we helped a client facing an IRS bill of almost $3,000 due to a misunderstanding of Premium Tax Credit (PTC) repayment. Our expertise in navigating the intricacies of the PTC and providing evidence to the IRS resulted in the removal of the erroneous bill, showcasing our commitment to resolving tax issues for our clients.
The Alternative Minimum Tax (AMT) is a special tax system in the United States aimed at ensuring that everyone pays their fair share, especially those with higher incomes. Originally, it was put in place to make sure that high-income individuals and entities couldn’t avoid paying taxes by using various deductions and loopholes. The AMT works … Read more
Learn how we successfully defended our client’s position that she was not liable for income tax due to a payroll input error.
How we managed to reduce our client’s tax balance from almost $10,000 to a bit fat zero.
The short answer is yes. You can have a home office deduction for multiple businesses in the same home. Here are some key points to remember: Here’s how it works in different scenarios: It’s important to keep detailed records and consult with a tax professional to ensure you meet all the requirements for claiming multiple … Read more