- Owe the IRS Money? How Long Do They Have to Collect?
- Have you ever wondered how long the IRS has to question and assess additional tax on your tax returns? For most taxpayers who reported all their income, the IRS has three years from the date of filing the returns to examine them. This period is termed the statute of limitations. But wait – as in all things taxes, it is not that clean cut. Here are some complications:
- Why Employee Classification is of Paramount Importance
- Ultimately, it all comes down to the difference between salary and hourly pay employees.
- Too Many Transactions in QuickBooks Online? Create Rules
- It’s important to categorize transactions, but it takes time. If every day brings several dozen into QuickBooks Online, you can automate this process.
- Video Tips: The Significance of Releasing a Child's Dependency
- If you are a custodial parent, you may release a child’s dependency to the non-custodial parent for tax purposes. Watch this video for how your taxes may change.
- You May Qualify for a Small Business Home Office Deduction
- If you are a small business owner and use part of your home for business, you may be able to take the so-called office-in-home tax deduction. This deduction reduces both income and self-employment taxes. While the term “home office” is used to describe when a taxpayer uses their home for a business purpose, the space used may not be an office but may still qualify for the deduction. One of the following must apply for you to be able to deduct home office expenses. The home office:
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