Business Expenses – What is NOT Deductible?

While it seems like a straightforward question, there can sometimes be confusion about what expenses can be deducted from your business for tax purposes and what expenses cannot be.  Deductions are critical in helping to lower your tax bill, but knowing what expenses you can deduct is critical to keeping you out of trouble in […]

Requesting a Private Letter Ruling

You may someday find yourself in a unique tax situation and want to remove any uncertainty of the tax treatment of that situation.  In that case, you can request a Private Letter Ruling (PLR) from the Internal Revenue Service. A PLR is a written statement that interprets and applies tax law to your particular facts. […]

How Business Owners Get Paid

If you have recently or not so recently started a business, two things you need to understand is how you will be paid and how taxes will be paid.  You may be taxed as a sole proprietorship, partnership, S corporation or C corporation.  Understanding the differences is important. A sole proprietorship is an individual engaged […]

IRS Penalty Abatement – How Does It Work?

It is never fun to receive a letter from IRS, especially one that says you are being assessed penalties due to filing late, paying your taxes late, or understating income on your tax return!  In many cases taxpayers are fearful of additional consequences so they just pay what is owed, but it is important to […]