Taxes and Tax Relief
Installment Sales: Minimizing Capital Gains Tax On Real Estate
When selling real estate, the thought of paying a hefty capital gains tax can weigh heavily on any investor’s mind. However, there’s a useful tax tool available to taxpayers under IRC § 453 in the form of installment sales. This method not only defers tax payments but can also potentially lower the total tax liability. […]
How to Find a Good CPA for Small Businesses
Choosing the right CPA (Certified Public Accountant) is crucial for any small business. A skilled CPA provides vital support in financial planning, tax compliance, and accounting strategy. They can help to prevent costly errors and enhance financial well-being. If you need professional help with planning or preparing your taxes, this guide can help you find […]
New IRS Standard Deductions for 2025 Tax Year
The Internal Revenue Service (IRS) announced on Tuesday new inflation-adjusted tax brackets for 2025. The IRS also revealed an increase in the standard deduction to $15,000 for single filers and $30,000 for married couples. These changes will apply to income earned in 2025 and reported on tax returns filed in 2026. While the marginal tax […]
A Guide to Filing Federal Income Taxes for Small Businesses
Filing federal income taxes as a small business owner involves navigating specific steps tailored to your business structure. This comprehensive guide provides detailed insights into each stage of the tax filing process, emphasizing the importance of proactive tax planning and professional guidance. Step 1: Collect Your Records Before diving into tax preparation, gather all necessary […]
What to Do if You Missed the 2024 Tax Deadline
Introduction The Tax Day countdown has passed, but if you find yourself among those who missed the April deadline for filing your federal tax return, don’t panic. While missing the deadline isn’t ideal, it’s essential to take prompt action to minimize penalties and resolve any outstanding tax issues. In this guide, we’ll walk you through […]
Understanding IRS Notice CP21A: What You Need to Know
Receiving letters from the IRS regarding changes to your tax return can be unexpected. IRS Notice CP21A is a letter explaining that changes were made to your tax return, and you owe money. This guide will explain IRS Notice CP21A in detail, providing insights into its implications and offering guidance on how to address the […]
Understanding IRS Notice 12C: What You Need to Know
If you’ve recently received IRS Notice 12C, here’s what you need to know. Taxpayers receive IRS Notice 12C when further details are needed for tax return processing. This guide aims to clarify IRS Notice 12C, outlining what it entails and providing guidance on how to respond effectively. What is IRS Notice 12C? IRS Notice 12C […]
Understanding IRS Notice 3174: What You Need to Know
Getting letters from the IRS about unpaid taxes can cause worry and stress for taxpayers. Understanding what the letter means, and what to steps to take next can go a long way to alleviate that stress. IRS Notice 3174 serves as a reminder to individuals with outstanding tax liabilities. This guide will help you understand […]
Understanding IRS Notice CP01: Safeguarding Your Identity
Receiving any letter from the Internal Revenue Service (IRS) can be a cause for concern. IRS Letters concerning potential identity issues can evoke even more uncertainty. One of the notices the IRS may send in such circumstances is Notice CP01. This guide explains IRS Notice CP01, its importance, and the steps you should take to […]