Tax Problems & Requests Archives - Page 9 of 12 - John R. Dundon II, Enrolled Agent

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Tax Problems & Requests

09 Aug If you owe the IRS money, here are some tips …

Posted at 00:00h in Amended Tax Return, Appeals & Audit Resolution, Audit Reconsideration, Back Taxes Owed, Debt, Disallowed Expenses, Estate Tax, Intent To Levy, Intent To Lien, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Penalties, IRS Penalty and Interest Abatement, Paying Taxes, Statutory Notice of Deficiency, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief, Taxable Income

If you get a bill this summer for late taxes, you are expected by the IRS to promptly pay the tax owed including any penalties and interest. First you should consider appealing the determination based on merit and evidence. For more information on...

04 Aug IRS Notice and/or Letter

Posted at 00:00h in Appeals & Audit Resolution, Audit Reconsideration, Back Taxes Owed, Intent To Levy, Intent To Lien, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Partial Payment Installment Agreement, Paying Taxes, Small Business, Sole Proprietor, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief, Wage Garnish

If you receive a letter or notice from the IRS, it will explain the reason for the correspondence and provide instructions. Many of these letters and notices can be dealt with simply, without having to call or visit an IRS office. The notice you receive covers...

27 Jul Cost Segregation Depreciation

Posted at 00:00h in 1031 Exchange, Audit Reconsideration, Business Expense, Cost Segregation, Deductible Expense, Depreciation, Disallowed Expenses, Rental Real Estate, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

For income tax depreciation purposes there are two major types of assets: Sec. 1250 real property and Sec. 1245 personal property. When owners acquire commercial property or tenants invest in leasehold improvements, many only allocate the purchase price between land (non-depreciable) and building (depreciated as...

16 Jul Tax Tips for New Business Owners

Posted at 00:00h in Business Expense, Tax Problems & Requests, Tax Relief

First, you must decide what type of business entity you are going to establish. The type of business entity will determine which tax form you have to file. The most common types of business are the sole proprietorship, partnership, corporation and S corporation. The type of...

14 Jul Tax Benefits for Job Seekers

Posted at 00:00h in Employment Tax, Tax Guidance & Preparation, Tax Problems & Requests, Taxable Income

Did you know that you may be able to deduct some of your job search expenses on your tax return? If you are searching for a job, you may be able to deduct some of your expenses on your tax return. Here are six...

07 Jul Summertime Child Care Expenses May Qualify for a Tax Credit

Posted at 00:00h in Child Tax, Children, Dependent, Family, Self Employ, Small Business, Tax Credit, Tax Problems & Requests, Tax Relief, Taxable Income

Did you know that your summer day care expenses may qualify for an income tax credit? Many parents who work or are looking for work must arrange for care of their children under 13 years of age during the school vacation. Those expenses may help...

02 Jul 10 Tips on the 10 Percent Tax on Tanning Services

Posted at 00:00h in Excise Tax, IRS Penalties, IRS Penalty and Interest Abatement, Sub-chapter S, Tax Guidance & Preparation, Tax Problems & Requests

Starting July 1, 2010, many businesses offering tanning services must collect a 10 percent excise tax on the tanning services they provide. This excise tax requirement is part of the Affordable Care Act that was enacted in March 2010. Here are nine tips...

18 Jun Filing IRS Form 1099-C as a ‘non-applicable entity’ for someone else is not necessarily fraud

Posted at 00:00h in Cancelled Debt, Tax Problems & Requests, Tax Relief, Taxable Income

During 2002 and 2003, Mary allowed her daughter Susan and son-in-law Robert to charge $30,238 on her American Express account. Dumb Ass! As predicted and on queue, the couple divorced and could no longer make payments for their charges to the account. At Mary's request, an...

21 May Health Insurance Premiums: Tax implication for the self employed – example

Posted at 00:00h in Personal Service Corporation, Self Employ, Small Business, Sole Proprietor, Sub-chapter S, Tax Deductible Expenses, Tax Guidance & Preparation, Tax Problems & Requests

A tax payer is the 100% owner/employee of an S corporation that she started in 2010. She only wants to take $2,000 in wages for the first year. In addition, she would like the S corporation to pay for her health insurance, which costs...

20 May Failing to Issue Form W-2 to Corporate Officers

Posted at 00:00h in Business Expense, Employment Tax, FICA, Paying Taxes, Payroll Tax Problems, Self Employ, Small Business, Social Security, Social Security Tax, Sole Proprietor, Sub-chapter S, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

A corporate officer who performs substantial services for the corporation and receives compensation is considered to be an employee. The corporation should issue a Form W-2 reporting the compensation as wages and withhold proper amounts for federal income tax, FICA, and FUTA purposes. ...