Many taxpayers are under the assumption that an IRS audit means an agent from the IRS is going to show up at their door. However, there are different types of IRS audits. Today we are taking the time to go into details about them. Correspondence Audits If you made an error when filling out your tax
Things That Could Happen If You Don’t File Taxes
Getting in trouble for doing taxes is not something that only happens to the celebrities. If you don’t file your taxes some pretty terrible things could happen. Today, we are sharing with you exactly what could happen to you when you do not file your taxes to Uncle Sam. Pay a Penalty Not filing
States Where Taxes Are Going Up
If your state never recovered from the recession and is on a tight budget, they may be increasing your taxes in the future to make up for their income. Today, we are revealing some states that have already announced that they are increasing their taxes. Connecticut For taxpayers who reside in the
What to Expect During an IRS Audit
If you receive a notice stating that the IRS is auditing you, do not panic. Many people have been audited in the past and they have survived it successfully so you can too. Today, we are covering what to expect during an IRS audit. Refer the Auditor to Huddleston Tax CPAs If you have an accountant
How to Avoid Paying More in Business Taxes than You Have to
As a business owner, you want to pay the least amount of taxes possible. Therefore, today we are discussing how to avoid paying more in business taxes than you have to. Plan the Timing of Income and Business Expenses If you are self-employed, you can control when you are paid and when you spend
Tips for Using Your IRA as a Last Minute Tax Deduction
If you have an IRA, you have a way to make a last minute tax deduction. Today, we are sharing a few tips that will allow you to use your IRA as a last minute tax deduction. Max out Your Contributions With a traditional IRA, you can make as many tax-deductible contributions as you like within your
3 Ways to Invest Tax Free
The tax rules in 2015 will feature new laws. However, there are still ways that you can invest tax-free. Today, we will provide you with a few of the ways to help you start preparing for tax time now. Invest in a 401 (k) with Price Matching by Your Employer Your 401 (k) is a great way to invest
How to Use Your Tax Refund Wisely
If you are expecting a tax refund, make sure you use it wisely so it benefits you throughout the year. In an effort to make the year easier for you financially, we are sharing how you can use your tax refund wisely. Emergency Savings We recommend putting half of your tax refund into an emergency