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We’re in an era in which more small businesses are launching like wildfire. Many people find starting a small business of their own as easy as a piece of cake. However, most of the time, what they fail to prioritize are some of the major players involved in smoothly operating their small business. A…
Do you know why most married taxpayers go for filing joint tax returns? It’s actually because of the benefits that it offers. But with joint tax returns, both the filers hold the responsibility for the tax bill or any penalties and interest that arise from it. Both are legally responsible for the entire liability, even…
What if you owe so much in taxes that you can’t see your way out of it? If you owe back taxes, you might not think there is a way you can ever pay things off. And the more those back taxes have accumulated, the deeper the hole. But that doesn’t mean you can’t dig…
Tax Audits are one of the most terrifying things a taxpayer can endure. Most taxpayers don’t know what being audited by the IRS entails and usually don’t know what to do if they are audited. IRS audits can be confusing to most taxpayers as most don’t know what the IRS is looking for when they…
Receiving a letter from the IRS can be intimidating, especially if you’re unsure what the notice is for or what to do next. Fortunately, many notices are nothing to worry about and are purely informative. Below, we look at everything you need to do — and what not to do — after getting a notice from the…
The Internal Revenue Service (IRS) is increasing audits on cannabis businesses — the agency is on a mission to ensure that cannabis businesses adhere to the tax code. Unfortunately, cannabis companies must comply with more strict tax laws than other businesses and can claim fewer deductions. Most business owners don’t realize this or aren’t able to meet the reporting responsibilities on their own. If you own a business in…
Did you know that a total of 55 corporations paid $0.00 taxes on their profits last year? While corporation tax differs from cannabis business tax, that doesn’t mean you can’t use tips and tricks to save money. Being strategic and frugal can mean the difference between thriving or failing as a business. It may seem like there…
Many individuals and businesses in the United States owe back taxes. Such taxpayers could face collection actions from the IRS, including levies. Levies allow the IRS to seize your assets to defray unpaid taxes. This mechanism is different from a lien, which is a legal claim against your properties to secure the payment of tax balance….
Your Complete Guide to Understanding Cannabis Tax Running a legitimate cannabis business can be tricky since marijuana is still illegal under federal law. Currently, 24 states plus the District of Columbia have legalized the recreational use of marijuana, and 14 other states allow it for medical use only. Projections estimate revenue to reach $42.98 billion in 2024 in the United States. Yet, federal law…