by Jarel Daniels | Dec 7, 2021 | Tax & Accounting
Taxpayers Who Receive an IRS Notice. Tips for Taxpayers Who Receive an IRS Notice Receiving a notice from the Internal Revenue Service is usually no cause for alarm. Every year the IRS sends millions of letters and notices to taxpayers. In the event one shows up in...
by Jarel Daniels | Dec 6, 2021 | Tax & Accounting, Limited Liability Company
Business Owners —Taking Money Out of a Business When taking money out of a business, transactions must be carefully structured to avoid unwanted tax consequences or damage to the business entity. Business owners should follow the advice of a tax professional to make...
by Jarel Daniels | Nov 8, 2021 | Tax & Accounting
[wptb id=1259] Business Entity Comparison Chart [wptb id=1262] This brochure contains general information for taxpayers and should not be relied upon as the only source of authority. Taxpayers should seek professional tax advice for more information. Copyright © 2021...
by Jarel Daniels | Oct 25, 2021 | Tax & Accounting
Bookkeeping for Tax Purposes You should keep information that you and the IRS need to determine your correct tax. Everyone should keep the following records: Copies of tax returns Keep copies of your tax returns as part of your tax records. Your tax returns can help...
by Jarel Daniels | Oct 11, 2021 | Tax & Accounting
What Should You Do If You Can’t Pay Your Taxes? Don’t panic! Here are some ideas for getting your tax bill paid and minimizing interest and penalties: 1. File your tax return on time. Individual income taxes are due and payable in full on April 15. If you expect to...
by Jarel Daniels | Aug 23, 2021 | Tax & Accounting
Custodial Accounts (UTMA/UGMA) Assets in a custodial account belong to the minor. Any income earned in a custodial account is taxed to the minor. A custodian, usually an adult relative, controls the assets until the minor reaches the age set by state law (21 in most...
