Today, Phil explains what a tax attorney is, including what it takes to become one and how they can help you with your tax issues. What is a Tax Attorney? A tax attorney is a legal professional who specializes in tax law. They are trained and experienced in dealing with complex tax issues, including tax […]
What is the Kiddie Tax?
Navigating the complexities of taxes can be challenging for anyone. When it comes to families with children, there are additional considerations to be aware of. One such consideration is the IRS Kiddie Tax. This set of rules is specifically aimed at taxing unearned income of certain children at their parent’s tax rate. Understanding how the […]
How Much Do I Owe the IRS?
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 […]
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. […]