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IRS Tax Blog

Missed Huge Tax Break for Charitable Donations

Missed Huge Tax Break for Charitable Donations Many people save thousands of tax dollars by donating to their favorite church or charity, but miss out on thousands more. The charitable deduction is a well-known tax break. A little-known stratagem can dramatically...

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Start Planning Now for Next Year’s Taxes

Start Planning Now for Next Year's Taxes You may be tempted to forget about your taxes once you've filed your tax return, but if you start your tax planning now, you may be able to set yourself up for a big savings next year! Here are six tips to save you time and...

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What is the Self Employment Tax?

What is the Self Employment Tax? If you're self-employed, you pay the self-employment tax on your income. This tax applies to sole proprietors, partners, or LLC members. It does not apply to Corporations. The self-employment tax is the government's way of collecting...

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The Hidden Costs of Payroll and Bookkeeping

The Hidden Costs of Payroll and Bookkeeping The visible costs of Payroll and Bookkeeping can be truly daunting. These two areas have been the bane of many small business owner. The visible costs include not just the cost of the service, but also the cost of not doing...

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What is an Enrolled Agent & Do I need one?

What is an Enrolled Agent & Do I need one? By Dave Horwedel, EA  "An enrolled agent (or EA) is a federally authorized tax practitioner empowered by the U.S. Department of the Treasury to taxpayers before the Internal Revenue Service (IRS). Enrolled agent status is...

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How to File an Amended Tax Return

How to File an Amended Tax Return   Of course we all want the original return to be perfect. But sometimes you receive data that changes the return after you have filed. Maybe you made a mistake. Maybe your tax preparer did. Maybe you falsely reported income on...

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