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IRS Penalty Relief: First-Time Penalty Abatement and Reasonable Cause
Dealing with the Internal Revenue Service (IRS) can be straightforward when you file your tax returns on time and pay your taxes in full. However, falling behind on payments or failing to file...
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How the IRS Taxes Your Gifts, Prizes, and Perks (Especially if You’re an Influencer)
Influencers make their living by filming, tagging, and posting the free trip, the skincare drop, the comped dinner at that boutique hotel. The likes rolled in, and so did the next brand deal. What...
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How an S-Corp May Reduce Your Taxes
The IRS doesn’t take kindly to shortcuts, but it does offer legitimate ways to structure a business for tax efficiency. For solo business owners or small partnerships, switching from sole...
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Overdoing Business Deductions Could Trigger a Tax Audit
For many small business owners, when tax season comes it brings a mix of pressure and strategy. You’re not just trying to stay compliant; you’re trying to be smart about what your business spent...
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Properly Expensing Work Travel & Meal Expenses on Your Tax Return
Whether you’re running a business or working in a role that requires you to travel, you need to understand how this applies to your tax return. Properly accounting for your travel and meal expenses...
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Properly Writing Off Home Office Expenditures on Your Tax Return
For small business owners or executives who work from home, understanding what qualifies as a legitimate home office deduction can reduce taxable income and keep more money in the business (and in...
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How to Handle an Employee Retention Tax Credit Audit
The Employee Retention Tax Credit (ERTC) was a financial lifeline for businesses that kept employees on payroll during the pandemic, but it has also become a source of stress. The IRS has cracked...
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How Do Gambling Winnings Factor Into Your Taxes
Gambling has grown in popularity, with sports betting now a national pastime for many (even if it’s not fully legal in Washington State, yet). With more individuals using online platforms and apps...
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How Innocent Spouse Relief Can Shield You From Your Former Spouse’s Tax Irresponsibility
Your marriage is a combination of two lives into one. This commitment means everything comes together for both of you, including the mistakes. But do you have to risk your entire financial future...
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Common IRS Scams You Need to Look Out for During Tax Season
As the new year approaches, it’s time to prepare for tax season. Now is the perfect time to gather documents, make any end-of-year financial decisions that impact your filing, and position yourself...
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Misclassifying Employees Could Result in an IRS Audit and Tax Penalties
We live in an evolving world where modern businesses are looking for new ways to complete tasks and meet company objectives. This often includes hiring workers from different backgrounds and in...
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