Although operating a business on your own has a lot of upsides, taxation is not one of them. All sole proprietors must pay both income taxes and self-employment taxes on the total income of their businesses. Understanding these tax obligations is necessary for sole...
We Focus on Your Tax Problems, So You Can Focus On Your Business
Year: 2024
Joint tax troubles: the 3 types of Innocent Spouse Relief
Imagine you and your spouse file taxes jointly but your spouse does the filing and either makes a significant mistake, fails to report income or claims deductions that are not accurate. You might think that because you filed jointly, you are liable equally and if your...
New IRS Voluntary Disclosure Program Lets Employers Pay Back Employee Retention Credits at A Discounted Rate
The IRS has launched a new Voluntary Disclosure Program aimed to help businesses that want to pay back the money they received after filing erroneous Employee Retention Credit (ERC) claims. Employers will only be required to repay 80% of the credit they received, but they must must disclse information about any advisors or tax preparers who advised or assisted them with their claim.