Discovering that you owe back taxes to the IRS can be a stressful and overwhelming experience. Whether due to oversight, financial hardship, or other circumstances, it’s essential to address this issue promptly and accurately. However, determining the exact amount of back taxes owed can be complex. In this article, we’ll outline steps and resources to […]
Articles by Elyssa Carlos
What To Do If You Receive IRS Notice CP75 or CP75A
Receiving correspondence from the IRS can be an intimidating experience for many taxpayers. Notices like CP75 or CP75A often raise concerns and questions about one’s tax situation. However, understanding what these notices entail and how to respond to them can alleviate anxiety and ensure a smoother resolution. In this guide, we’ll explore what Notice CP75 […]
What is the Bad Debt Deduction?
In the realm of business finance, debt is often seen as a double-edged sword. While it can provide necessary capital for growth and expansion, it also comes with the risk of non-payment, leading to bad debts. However, there is a silver lining for businesses facing bad debts in the form of the bad debt deduction. […]
What Happens If You Don’t File Your Taxes?
The April 18th tax deadline passed, and you did not file your tax return. Now what? First, don’t panic. Not everyone needs to file a tax return. Typically, if you earn less than the standard deduction associated with your filing status, you do not need to file a return. However, if you did not file […]
What is Schedule R, Tax Credit for Elderly or Disabled?
Tax season can be a daunting time for many, with the intricacies of various forms and schedules often causing confusion. Among these, Schedule R is a form that remains relatively unknown to many taxpayers. However, for those who qualify, Schedule R can be a valuable resource. It allows eligible individuals to claim the Credit for […]