If you’ve noticed Code 570 and Code 971 on that transcript and are wondering what those codes mean for you and your money, today I’ll explain all of the possibilities for you.
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In the United States, we have a progressive tax system based on tax brackets. How these tax brackets work is something that is commonly misunderstood. In today’s article, I will explain how tax brackets affect you so you’ll have the…
Step-by-step instructions on how to reach a real person at the California Franchise Tax Board.
This article explains an S-Corporation basis and why it’s an important number to keep your eye on as a small business owner.
No one wants to be audited by the IRS, especially small business owners. Sometimes an audit is conducted at random and can’t be avoided, but most times, there are steps you can take to avoid landing under the auditor’s microscope….
My passion is teaching small business owners to understand their taxes while also helping them maximize their profits by reducing their tax burdens. In today’s post, I hope to do both of those things by explaining the magic QBI 28.57%…
The IRS refund process is explained, including the time and days that refunds are deposited.
If you own an S-Corporation, you likely know that you need to pay yourself “reasonable compensation” for the job you perform for your company. But what happens if your S-Corporation cannot afford a reasonable salary? What do you do then?…
When it comes to S-Corporation taxes, knowing the difference between dividends and distributions is important. It’s also good for business owners to have a clear understanding of how S-Corporation dividends or distributions are taxed. In today’s post, I’ll walk you…
Are you stressed because you forgot to file an S-Corp election for your business? Don’t. In today’s post, I’ll walk you through how to file a late S-Corporation election. I’ll also share with you my top-secret reasonable cause for filing…