Missing an IRS installment payment can lead to serious repercussions. The IRS will send you Notice CP523, notifying you that your installment agreement is at risk of termination if you don’t act swiftly. In addition to missed payments, your agreement can be revoked if...
Tax season can be a stressful time for small business owners, as there are many things to consider. If your business hasn’t made any money yet, you might wonder whether you even need to file your taxes for the year. On the other hand, if your business is already...
The time it takes to complete your taxes can vary depending on your situation. Here’s an overview of how long it typically takes to file IRS tax returns. According to the IRS, most taxpayers spend about 13 hours preparing their returns. Specifically, the IRS reports...
Owning rental property in Michigan is rewarding but requires understanding how rental income is taxed in Michigan. Staying compliant with tax laws helps landlords maximize profits. Understanding these rules ensures you meet both state and federal obligations...
Tax obligations are a common issue faced by individuals and businesses who struggle to meet them by the deadline, leading to tax debt. Whether it’s income tax, payroll tax, or other forms of taxation, unpaid taxes can result in mounting interest, penalties, and even...
Understanding when and why you need to file taxes in two or more states is critical. Here are common scenarios where multi-state tax filing is required: 1. Living in One State and Working in Another If you reside in one state but earn income in a different state,... 
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