RECENT BLOG POSTS
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As a homeowner, you might worry about capital gains taxes when selling your home. Fortunately, there's a tax provision called the "Section 121 Exclusion" that could help you reduce or avoid taxes on the sale of your primary residence.In simple terms, the Section 121 Exclusion allows homeowners to...
02/18/2025
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When seeking assistance from tax professionals for your federal tax return, it's crucial to choose your preparer wisely. Remember, you are ultimately responsible for all the information included on your federal income tax return, no matter who prepares it.Resources for Finding the Right Tax Prepa...
02/11/2025
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When it comes to filing taxes, the decision between using tax software or hiring a tax professional largely hinges on the complexity of your financial situation.Tax Software: A Good Fit for SimplicityTax-preparation software is ideal for individuals with straightforward financial situations. If y...
01/22/2025
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A client came to me with a big IRS problem. The Client had received letters showing an estimated $64,324 in Federal and State taxes were owed for the years 2013, 2014, 2015, 2016, 2017, 2018 & 2019. In visiting with the client it was discovered returns were not filed because of the spouce's dea...
01/16/2024
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The Internal Revenue Service (IRS) plays a crucial role in ensuring taxpayers' compliance with tax laws, and one way it achieves this is through audits. Understanding the red flags that may catch the IRS's attention is vital for taxpayers aiming to stay on the right side of tax regulations. In th...
12/07/2023
The dreaded IRS audit – a prospect that can send shivers down the spine of even the most diligent taxpayer. One common method employed by the IRS is the mail audit. In this blog post, we'll take a closer look at what a mail audit involves and how you can navigate this process with confidence.Unde...
11/30/2023
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An IRS audit is an examination of a taxpayer's financial records and tax returns by the Internal Revenue Service (IRS) to determine if the amount of taxes reported and paid is accurate. Some key things to know about IRS audits: Selection Process - Tax returns are selected for audit either randoml...
11/10/2023
There are three types of offer-in-compromise (OIC) options available to taxpayers: Doubt as to Liability: This type of OIC is used when there is a genuine dispute about the tax liability. It is typically applicable when the taxpayer believes they do not owe the full amount claimed by the IRS. Dou...
09/14/2023
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In order for a taxpayer to qualify for an offer in compromise, they must file all necessary tax returns, make all necessary estimated payments, be free of open bankruptcy proceedings, and, if they are an employer, have made current and past quarterly tax deposits before applying for an offer in c...
09/12/2023
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The Internal Revenue Service (IRS) offers taxpayers the option of settling their tax debt for less than the full amount owed through an offer in compromise. Taxpayers who are unable to pay their entire tax obligation or for whom doing so would cause a financial hardship are eligible for it.Each t...
09/07/2023