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Tax Tips for the Self-Employed

Tax Tips for the Self-Employed: A Freelancer's Guide to Paying Taxes If you are an employee, you get a p aycheck every pay period and most likely pay little attention to your taxes until the end of the year. Your employer does a lot of the work for you and you get a W2 at the end of the year. However, if you are a freelancer or are self-employed, the responsibility of paying your taxes rests solely upon your shoulders. There are 14+ million American taxpayers currently in the IRS collection division, and it’s easier to land there if you’re self-employed and don’t fully know what to do when it comes to taxes. Below are some simple tips to help you 1) reduce your tax liability and 2) keep you out of tax trouble. Make sure to check with your tax professional to discuss your unique situation. If you’re already tax trouble, you’re not alone but you must take action before the IRS levies your bank account or seizes any property you have. Contact us for a free, no-obligati

Top 10 IRS Audit Red Flags

Top 10 IRS Audit Red Flags No one wants to pay more income taxes than they are required to, but be careful if you do your own taxes. Attempting to cut your tax liability by getting into IRS grey areas can cause you problems later on. You don't have to do anything unethical to get your return pulled for an audit, you just have to raise too many of these red flags. If you’re in the middle of an audit or owe back taxes, contact us to schedule a free consultation.     Click here to contact us! 1.   Making too much money. Sounds like a problem everyone would like to have, but making over $200,000 may make you more likely to be audited. The fact is that there are fewer auditors, so the IRS is focusing on where they can make the most bang for the buck. 2.   Not reporting all your income. No matter how much or little you make, report everything. In some way or other, unless you run a strictly cash business (another red flag), all of your income is reported to the IRS. W2, 10

I’m In Tax Trouble, What Are My Options?

I’m In Tax Trouble, What Are My Options? A letter from the IRS is rarely a good thing. One of the worst missives to get from the tax man is the CP90 – Final Notice Before Levy . It is a final warning shot to scare you into paying up and should not be ignored. After an IRS final notice, you could: ●        Pay in full - but if you could afford to do that, you probably already would have done so. ●        Sign on for an installment agreement on your own, with penalties and interest so excessive it will never end. ●        Ignore them and wait for terrible consequences like garnished wages and tax liens. Don’t do this, ever. ●        Contact your tax resolution professional to see what your resolution options are. The CP90 intends to intimidate you into calling so the IRS can take as much as possible from you even if it leaves you in dire financial straits, unable to pay your bills or support your family. A better option is to work with a certified tax resolution