We generally recommend that our self-employed clients incorporate their businesses and hire themselves as employees. We do this for two reasons: Putting owner/operators on the payroll significantly reduces the chances of future tax problems; and The IRS Audits form Schedule “C” much more frequently than it Audits corporate returns. But even if you are not [...]

In the great majority of cases, we recommend that our small business clients do business either as an “S” Corporation or a Limited Liability Company because these two forms avoid double taxation and limit the personal liability of owners. There are occasions, however, when a C Corporation or Partnership form of doing business is appropriate. We [...]

The Best Way of Doing Business The Best Way to Prepare Schedule “C” of Form 1040 The Best Way to Organizing Your Tax Records The Best Way to Keep Track of Your Business Mileage The Best Way to Survive a Tax Audit The Best Way to Avoid a Tax Lien

How to Deal With an IRS Collection Notice IRS Last Known Address Rule Ignoring IRS Notices Makes Matters Worse IRS Collection Notices: How Serious is Yours? Taxpayer Rights and the IRS Collection Process What To Do If You Think the IRS is Wrong How to Deal With an IRS Auditor Why You Shouldn’t Handle an [...]

Tax Relief Description Conditions Installment Agreement You pay a monthly amount based on your ability to pay calculated by deducting your necessary living expenses from your monthly income after taxes Must comply with the terms of the installment agreement and be compliant with all tax laws for five years. Usually a tax lien will remain [...]

Tax representation is becoming like the condiments aisle at your local grocery store. There are just too many choices and no way to tell what’s best. Well, that’s what this post is for. Here are 10 do’s and don’ts to follow before hiring someone to represent you before the IRS: 1. Do ask for a [...]

There are just two months left in 2008. Here are some things you might want to consider doing to lessen your 2008 tax burden. You should consult with your tax preparer/advisor before implementing any of these strategies. 1. Expense Acceleration One of the oldest and truest forms of tax planning has been the prepayment (accelerated [...]