In short, when the business income is high enough – which 40,000 net or higher, an S-Corp could save the owner thousands in self-employment taxes
Tax Extension Due to COVID19 – Is a PAYMENTS Extension Not a FILING Extension
I hope you are staying safe during these unprecedented times of the COVID-19 Coronavirus shelter-in-place mandate. Many of you may have heard the Trump Administration’s announcement concerning tax payment extensions. What this means is if you OWE IRS taxes on your 2019 income, that payment date is postponed from April 15, 2020, to July 15, […]
High-Income Late Tax Filers – The IRS is Coming
According to IRS, they’ve hired some more agents so they can come get’cha. IRS Newsroom publication IR-2020-34 published February 19, 2020 says this: “Following the recent and ongoing hiring of additional enforcement personnel, IRS revenue officers across the country will increase face-to-face visits with high-income taxpayers who haven’t filed tax returns in 2018 or previous […]
What to do When You OWE the IRS and Cannot Afford to Pay
What should you do if you cannot pay now, neither do you believe you can afford to pay throuugh a stream-lined installment agreement? You can submit a Form 433-A for Wage Earners and Self-Employed (see instructions in IRS Pub 1854 – How to Prepare form 433-A) to appeal the collections process. Form 433-A is six […]
Affordable Care Act Penalty Examples – 2015 Income Tax Return
Yes… the penalty for not having medical insurance has increased this tax year. Whereas it was relatively painless on your 2014 income taxes, at about $95 per person, it’s much higher in 2015 and will be even higher in 2016. I will post various scenarios throughout this tax season; but for now, here are just […]