Small Biz Tax Lady

We are sure there are many parts of the tax code that you don’t like, particularly the parts where you have to keep tax records. In this episode we look at a tax court case NHuss Trust v Commr., TC Memo 2005-236. This case looks at a married couple that sold their home and claimed no taxable gain because of the $286,070 in improvements to the home. During its audit, the IRS found only $56,284 in improvements to the home since its purchase. The court upped that amount to $82,039, creating $101,907 in taxable capital gains.  

We discuss when an accuracy-related penalty might apply and how you can potentially save yourself thousands of dollars by avoiding the penalty using one of three different strategies. For help resolving Federal and State tax debt over $10,000, please click here to visit our website and learn more about a tax debt & tax preparation services. We also offer free 15 minute consultations that you can book online by using this link.   www.howardtaxprep.com

Filing your taxes late causes penalties and interest to be added to your tax bill, but what if you don't have your W2, or 1099-Misc. How do you reconstruct your income when you can't find your W2? Does the IRS have records of all your tax payments? Find out the answer to this, and other questions on this podcast episode. 

This podcast answers the question of what to do when you owe the IRS. Learn what you need to do when you owe the IRS, what your payment options are, and how fast you need to act. For more complicated cases such as refund taken due to spouses debt, or wages garnished for tax debt, call our office out 855-743-5765. You can also email us at info@howardtaxprep.com

My name is Trudy M. Howard, also known as the small business tax lady hashtag #smallbiztaxlady, and I’m here to help you on your entrepreneurship journey! I'm here to answer your questions regarding: small business tax planning; small business insurance; new home owner tax preparation; college student tax preparation; business compliance; entity creation; retirement plans; college savings plans; tax resolution (tax problem help); and tax planning for individuals.