For most people, any way to lower your tax bill each year during tax season is a good thing. No one wants to pay more to the IRS than is absolutely necessary. The best way to lower your tax bill is with deductions. Deductions are split up into three different categories: standard, itemized and above-the-line.…
Most people start to cringe whenever you mention the IRS. They are one of the most dreaded agencies in the Federal Government. They are often billing you and taking your money rather than giving it back to you after you have paid your taxes throughout the year, right? While the IRS can certainly nail you…
When it comes to your taxes the word write-off isn’t something that is anything new. However, do you understand what that word really means and what it is? For many people, this can be a tricky part of filing their tax return. It can be made much easier when you understand what a write-off is.…
There are many Americans that take care of submitting their taxes on their own every year. However, while this may be fine for some people, it could lead to costly mistakes that could result in lost money on your end. There are several reasons why you should consider hiring someone else to take care of…
When you submit your tax return and find out that you owe the IRS money, it is never a good day. This is especially true for those that don’t have the funds to pay the IRS the money that they owe. However, have no fear, you can set up IRS payment plans that help you…
No one wants to go through the work of preparing your tax return only to file it and have it rejected by the IRS. Unfortunately, there are several mistakes that people often make that will result in a rejected tax return. It is important that you double check your return before you file it so…
When you reach the milestone of sending one of your children off to college, everything changes. All of the work it took to get to this point can leave you filled with pride. It can also leave you wondering what this means for your taxes. You now have scholarships, grants, loan deductions and more that…
While most of us dread tax seasons, the last thing that anyone wants to deal with is an IRS audit. It is a misconception that when you get audited, you have done something wrong that has flagged your tax return. While that is the case sometimes, getting audited doesn’t necessarily mean that you have done…
When you are making a move to a new state, there are several different options that you have. Even if you are moving a business that is done completely online, you still have to consider the laws that are in place requiring you move the S Corp to your new state. The way that you…
Every year after you file your taxes, you more than likely have several documents that support what you just filed to the IRS. It can leave people wondering what they need to keep and how long they need to keep these documents. Unfortunately, there isn’t a clear-cut answer for everyone. Mark Dicus & Company is…
