If you cannot afford to pay your taxes, one of the worst things that you could do is just not file your taxes at all. When it comes to paying your taxes, the IRS is willing to work with you, especially if you have filed your taxes on time. Therefore, today we are exploring some of the options people
How Your Business Influences Your Taxes
When you set up your business entity – sole proprietorship, partnership, corporation, or Limited Liability Company - there are tax differences between each one. Today, we are discussing how each business entity influences your taxes. Sole Proprietorships This is the easiest and quickest business
How to Retire Without Being Taxed to Death
You probably are looking forward to retirement because you have a tax deferred retirement account that has been growing throughout your career. However, the bad news is it is not always going to be a tax-deferred account. Therefore, you have to come up with a plan that is not going to allow taxes to
How to Avoid Self-Employment Tax Penalties
Self-employed individuals have to make quarterly estimated tax payments. However, many self-employed individuals are penalized for underpayment because their income varies. Today, we are discussing how to avoid self-employment tax penalties. Make Payment Based on Prior Year Earnings It is possible
This Summer’s CPE Webinars, Small Business Webcast and the IRS’s Tumblr!
We hope you enjoyed your weekend and you're looking forward to a great work week despite all the great weather! For your downtime, we present this week's blog post! It's chock full of great links and news to keep you up to date on all kinds of stuff! Exhibit A: Did you know the IRS has a tumblr? Who
Eurozone still in crisis in 2014?
Last week, we took a look at how the Eurozone crisis of 2010 affected Ireland, Greece and Spain---3 of the hardest hit countries. In Spain and Greece, austerity measures and rioting were the norm for years while in Ireland a burst housing bubble led to financial disaster. Read that post
Compressed History of the Eurozone Crisis
In 2010, there was a very serious problem in Europe known as the Eurozone crisis, which was more or less a direct result of the American financial services firm Lehman Bros. going bankrupt. In the following post, allow us to retrace a quick history of what happened in 2010 and 2011 in Greece, Spain
Bitcoin is not real yet
Update 3/25/14: The IRS has updated its rulebook to include a method for taxing "virtual currency." As we noted, this was the assumed course of action many thought the IRS would follow, and they have. What this means exactly is still speculation, but this Bloomberg article on taxing Bitcoin as