IRS Help Without the Stress

Every holiday season, small business owners do something smart.  They send gifts to clients, referral partners, and people who help their business grow.  A nice gift basket, a bottle of wine, or something thoughtful that says, thank you for working with me.  It builds relationships.  It keeps you...

1. Will the IRS charge interest? Yes, interest accrues daily until the balance is paid. The interest rate is the federal short-term rate plus 3 percentage points and is compounded daily. While the rate is variable and adjusts quarterly, it often results in a lower rate than many credit cards. The...

Most people assume vacations and taxes have nothing to do with each other.  But sometimes they do.  Under the right circumstances, part of your vacation could actually qualify as a business travel deduction. That means some of the costs, flights, hotels, rental cars, and even meals, may reduce yo...

A little history about the place I currently call home.  26 years ago, my ex and I purchased this house as our vacation home.  I ended up with the house in the divorce.  I rented the house out for 11 years while I lived in Idaho to be near my children.  This place became a place of refuge during ...

Let me paint you a picture.  You’re sitting in an oral surgeon’s chair, thinking today's visit won't be nearly as bad as last time.  You already did the big procedure back in December.  Today is just a follow-up visit and one simple procedure.Easy right?  Except it wasn’t.The surgeon took a look ...

The Coffee-to-Tax-Anxiety Translation Guide1. Black Coffee, No FrillsYou have your receipts organized by category, color, and emotional significance. Your W-2 arrived, and you filed before the ink was dry. You have one savings account labeled "IRS Rainy Day."  You sleep like a baby.  We don’t tal...

Imagine this. You're one of the biggest movie stars in the world.  Your movies are everywhere.The checks keep getting bigger.  Now imagine someone tells you something that sounds incredible:"You don’t actually have to pay taxes on any of that money."That’s exactly what happened to actor Wesley Sn...

Business trips can be great.  You travel somewhere interesting, meet with clients, maybe attend a conference, and hopefully come home with new business.  And the best part?  Many of those expenses can be deducted on your taxes.  But there is one small detail the IRS cares about.Proof.Lots of proo...

Tax season can be stressful, especially if you realize you owe more than you can afford to pay. The good news is that you have options. The IRS would rather work with you than push you further into hardship.If you can’t pay in full, the first step is to still file your return on time. Filing late...

I see this mistake all the time with small business owners.  Someone starts a business.  They open a bank account.   Personal money and business money are all flowing through the same account.  It seems harmless enough.  After all, it’s still your money, right?The problem is that the IRS sees it ...