The late filing penalty for taxes can be costly, as the deadline for paying any individual income tax you owe is April 15. Missing this deadline may result in a 5% penalty per month on unpaid taxes, plus interest. Additionally, if you file late but don’t owe taxes,...
Missing the deadline for late tax filing, whether for submitting your federal tax return or paying the taxes you owe, can result in penalties from the IRS. These penalties aren’t just a slap on the wrist—they can quickly add up to hundreds, or even thousands, of...
Running a family-owned business is an exciting and fulfilling endeavor, but it comes with the responsibility of managing business taxes effectively. Family businesses often have unique opportunities to save on taxes, but navigating the process can sometimes be tricky....
When tax season rolls around, many taxpayers leave money on the table simply because they overlook key deductions. While the standard deduction offers simplicity, itemizing your deductions could lead to significant savings if you qualify. With proper record-keeping...
Rebuilding financial health after a tax discharge might seem daunting at first, but with the right approach, it’s entirely within your reach. Start by creating a straightforward plan that focuses on practical steps to regain stability and establish a strong...
Receiving a notice from the IRS or your local tax authority about a business audit can feel overwhelming. What should you do next? Let’s break it down. The phrase “IRS audit” tends to spark anxiety among small business owners, but the process doesn’t have to be... 
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