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Tax News

Tax Day is officially behind us – this means we can start talking about the almost post-apocalyptic world of payments & refunds. Before we jump in to this week’s subject, we want to remind all of our readers that we are a valuable resource for all things related to taxes. We specialize in working with small businesses and individuals with tax liabilities. Today, we’re talking about Installment Agreements with the IRS. 

Even though we’ve passed Tax Day, we know how important it is for small businesses and small business owners to understand the tax realm of the work that they do. One of the ways we like to show appreciation for the hard work that these sort of people do is by sharing some of our knowledge about tax write-offs that might be available for them in their field. With that said, even though tax day has passed us by, make sure you’re taking careful notes when we post these articles – you never know what you might want to have been accounting for when the next tax season rolls around. This week, we’re talking about tax breaks for Freelance Writers!

Despite the fact that we’ve loosened our ties a little bit in moving through tax season, we’re trying to encourage all of our small business friends to stay on top of their potential write-off expenditures throughout the rest of the year. The Small Business Corner is geared towards helping different businesses get a clearer idea of what sort of write-offs might be available for them when it comes to filing taxes. We get that it can be difficult to try to run the whole gamut of tax season, and that’s where we come in. This week, we’re discussing Etsy Businesses – if you have any questions for us at the end of this article, we encourage you to reach out to us!

We’ve been putting together a series of posts dedicated to answering questions from the small business owners who frequently come to us for advice. Today, we’re going to be shedding some light on the potential deductions for Car Dealership owners and Car Salesmen!

We get it – in your field, sometimes life feels like it’s zooming by, and you’re not sure if, at the end of the day, your brain has enough gas in the tank to figure out exactly what you can and can’t write off of your taxes this year. That’s totally understandable – do us a favor, and let us do you a favor. We’ve compiled some information on write-offs for you to look at, and compile. If after you read this, you find that you have some questions, please don’t hesitate to contact us! 

Let’s face it – all of us have a bit of an entrepreneurial spirit inside of us. When it comes down to it, we may have the wherewithal to get the job done, but when it comes to managing the books, it can feel a little unnatural from time to time. Fortunately, for those of us with ideas bigger than life itself, but financial skills smaller than, say, an ant hill, there are business services that are designed specifically around taking the hardship out of the money game. 

Tax Day is right around the corner – literally! With that in mind, we’ve been working on a series of posts that are geared towards answering the hard hitting questions that we often receive from small business owners who are frequently reaching out to us. If you’re interested in learning about the industry-specific tax breaks to look out for this year, and you have questions about how to prepare for them, look no further!

This week, we’re examining some specific Hair Salon related tax deduction information. Now, whether you’re the owner of a Hair Salon, or just renting a booth at a Hair Salon, we know that you’re running a business that is often more of a lifestyle – strap your seatbelts on and hold on tight, we’ve got a lot of information about some (perhaps surprising) things that you can write off on your taxes this year. 

Losing a job is never an easy situation, and taxes are definitely not the most important thing when it happens. But ensuring that you don’t fall behind can save you from future heartache and problems.

Keep Paying Your Taxes

Did you know unemployment benefits are still taxable? Taxes are not automatically taken out. Depending on how great you are at saving, you may want to request that the taxes be removed automatically. Your future self will thank you.

Sometimes, one spouse really is “the bad guy.”

If your husband or wife (or ex) has tried to pull a fast one on the IRS, you really shouldn’t get in trouble for their misdeeds. 

But with the IRS, of course, you are guilty until proven innocent, so here’s what you need to do to distance yourself from your shady partner. 

Recognize the difference between “injured” and “innocent” spouse. The two sound similar, but they’re really very distinct complaints

At first glance, it seems like “Currently Not Collectible” is a great idea.

It gets the IRS off your back and forces them to leave you alone. And you can breathe a sigh of relief. Right?

Well, yes and no.

The upside to “Currently Not Collectible” is that yes, the IRS does acknowledge that you are living in financial hardship and cannot pay your tax debt right now. (This means having little to no leftover money after paying essential living expenses each month.) And they “leave you alone” for a while. They hold off on collecting past due taxes, they won’t garnish your wages or levy your bank account, and they stop all collection activity. 

Let’s say the worst happens.

The IRS has decided to audit you, and you need someone to represent you.

To be fair, there’s a very long list of situations where this can happen, including all of these scenarios:

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