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Posts tagged "IRS"

Should you be paying estimated quarterly taxes for your side gig?

If you're working in the gig economy, you may not be setting aside enough to pay your taxes. This is especially true if you're used to working as an employee, receiving a W-2 and paying your taxes once a year. As a Lyft driver, a food delivery person or an AirBnB host, you're probably classified as an independent contractor. That means receiving a 1099 and paying estimated taxes on a quarterly basis.

Will the quality of tax administration suffer due to new tax law?

The Internal Revenue Service (IRS) has experienced a number of budget cuts in recent years. These budget cuts have made it difficult for the agency to maintain the staff needed to provide quality tax administration. This reality has led many tax advocates to voice concerns about the agency’s ability to administer the new tax law.

Businesses respond to Trump’s tax law

President Donald Trump signed the recently passed tax reform bill into law earlier today. The bill makes a number of changes to tax law. Two of the main changes include a reduction in the top individual tax rate. This rate is currently set at 39.6 percent and is reduced to 37 percent.

Levies and the IRS: Definition, process and remedies

The Internal Revenue Service (IRS) has a number of tools to gain payment. A taxpayer that is accused of failing to meet his or her tax obligations could become the victim of one of these tools. Examples include a levy, garnishment, lien, seizure or other collection matter.

Should you use self-directed IRAs for your business?

As a business owner, you already understand the importance of building wealth. While many are building wealth through traditional means (i.e. Roth IRAs, 401k plans), most are unfamiliar with the concept of self-directed IRAs. Moreover, they don't know how a self-directed IRA can be beneficial in growing one's business.

What businesses should know about tax deductions

With December coming next week, the holiday season will be in full swing and businesses of all sizes will be solicited by charitable organizations for donations. The proverbial benefits to making these types of donations are that a needy group will benefit, and the business making the donation will benefit with a tax break.

How business owners can prepare for IRS audits

As a business owner, you may probably cringe at the sight of a plain brown envelope marked with the Internal Revenue Service’s address, also marked with the phrase “official government business.” If you have received this envelope, chances are that you are going to be audited by the IRS.

What are tax appeals and can they help me?

Many businesses that have had an adverse experience with the IRS may wonder whether there is anything that can be done to verify whether their tax bill is actually correct. They may have questions about the IRS’ calculations and may want to challenge them. To do so, you may have to file an appeal.

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Law Offices of Robert T. Leonard, APC

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Woodland Hills Tax Law Office

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