Educational Tax Tip: Filing Taxes When You Owe the IRS
Owe taxes from previous years and wondering if you should still file your current return? The answer is yes! Failing to file only makes things worse—the IRS imposes a 5% penalty per month (up to 25%) on unpaid taxes if you don’t file, plus interest on the balance. Even if you can’t pay in full, filing on time helps reduce penalties and keeps you compliant. The IRS also looks more favorably on taxpayers who stay current with their filings when considering payment plans or other relief options. Ignoring tax
Game-Changing Ideas to Elevate Your Restaurant’s Success
Expanding a restaurant goes beyond new menu items or additional locations. A strong brand, streamlined operations, and meaningful community engagement create lasting success. Creative marketing and customer insights help attract and retain loyal diners. Local collaborations and smart technology improve both service and reputation. Exploring franchising or strategic partnerships can open new opportunities for growth. A well-planned approach keeps the business thriving while staying rooted in the
Educational Tax Tip: How IRS Wage Garnishments Work
Have you ever wondered how the IRS can garnish your wages? The IRS tracks your income through Forms W-2 and 1099, allowing them to identify your employer and issue a wage garnishment if you have unpaid tax debt. Before taking action, the IRS typically sends multiple notices over several months, giving you a chance to pay or appeal. If no action is taken, the IRS sends the garnishment notice directly to your employer—who will then inform you of the deduction from your paycheck. Facing IRS collection
Educational Tax Tip: Don’t Wait Too Long to Claim Injured Spouse Relief!
Have you ever wondered if there’s a deadline to request Injured Spouse Relief? The IRS generally requires Form 8379 to be filed within three years of the original tax return due date. If that deadline has passed, you may still qualify in special cases, such as domestic abuse. The IRS reviews each spouse’s income and credits before issuing a refund to the injured spouse. Filing it with your tax return may speed up processing, but you can also submit it separately if your refund was already offset. Need
Educational Tax Tip: Short-Term vs. Long-Term IRS Payment Plans
Do you know the difference between an IRS short-term payment plan and a long-term payment plan? A short-term plan lets you repay your tax debt within 180 days with no setup fee, while a long-term plan allows for monthly payments over more than six months but includes a setup fee, which is reduced if you choose automatic Direct Debit payments. Both options accrue penalties and interest, so paying off the debt as quickly as possible is always best. Need help choosing the right payment plan? Visit our
Educational Tax Tip: How to Avoid Audit Trouble with Proper Expense Reporting
Have you ever wondered if estimating your tax deductions might be acceptable? While it might seem easier to guess amounts for categories like business travel or office expenses, using rough estimates can lead to serious issues during an IRS audit. The IRS requires exact figures backed by receipts or other documentation. If your reported numbers don't align with their records, you could face penalties or additional taxes. To avoid this, it is essential to keep detailed records of your expenses and ensure
Smarter Business Reporting Through Innovative Technologies
Turning data into actionable insights has become essential for navigating modern business challenges. Advanced tools help organizations process and present complex information with clarity, making it easier for teams to act decisively. Secure and accessible formats ensure that vital information reaches the right people without compromise. Integrating cutting-edge solutions into reporting workflows streamlines operations and sharpens strategic focus. These innovations elevate the quality of decision-making
