If the IRS has yet to contact you about your owed taxes, you might feel like you’ve managed to stay under their radar. It’s tempting to put off taking care of the amount you owe as long as possible. You probably think that since the IRS isn’t contacting you, the problem isn’t as serious. This […]
Read MoreAre you struggling to pay your back taxes? Don’t worry, you’re not out of options. If you can’t afford your tax bill, or you’ve been avoiding an unexpectedly large bill for months or even years, you can feel hopeless. The worst thing you can do in this situation is to avoid taking any action at […]
Read MoreLindsay Fein was surprised when she learned her previous employer failed to claim her state income tax for the final two years she worked there. They notified her of the error the following year, and she was left unsure of how to proceed. She knew she needed to pay the taxes she owed, but she […]
Read MoreThe first income tax in the United States was enacted in 1862 by President Abraham Lincoln to help pay for Civil War expenses. At this time, taxes were relatively straightforward. Those earning over $10,000 a year owed 5% while those who earned between $600-$10,000 paid 3%. Today, the United States tax code is lengthy and […]
Read MoreWith the Internet and constant worldwide connectivity of modern day life, entrepreneurship and business ownership has become global. It is no longer rare for a United States based small business to have a partnership with a foreign company or business owner. With the onset of global partnerships, it is important for business owners to know […]
Read MoreOne of the most common questions tax advisors get is whether people usually end up paying more or less than they were expecting to in taxes to the IRS each year. Generally, those who manage a close estimate are the ones who keep accurate records about their finances throughout the year. Here are some tips for accurately anticipating how much you’ll owe in taxes.
Read MoreBusiness owners have a choice when it comes to offering retirement benefits to their employees. In my experience as an NYC tax accountant, employees can find great benefit in serving at a company that offers retirement options. Small business owners may consider offering a SIMPLE IRA to their employees. A SIMPLE IRA is a Savings Incentive Match Plan for Employees Individual Retirement Account.
Read MoreIf you own taxes to the IRS, you’re likely overwhelmed with feelings of embarrassment and anxiety. Once you begin owing back taxes, it’s hard to know where to even begin with paying them back. You might be struggling to find money to pay them, or you’re unsure the steps you should take back financial control of your life. Don’t let these five misconceptions about back taxes keep you from taking action!
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