Steps to obtain a tax transcript from the IRS, including online and mail options for different transcript types.
Taxes
Understanding the difference between tax deductions and tax credits and how each affects your tax liability.
Explaining what tax deductions are, how they work, and common examples to maximize your tax savings.
Strategies to reduce or remove common IRS tax penalties, including late payment and filing penalties.
How to use the 14-day loophole for tax-free extra income under IRS rules for short-term rentals.
Defining amortization in finance, its application to loans and assets, and its impact on financial statements.
Comparing cash vs. accrual accounting methods and helping you decide which is best for your business.
Guide on how to depreciate a fixed asset, including methods, schedules, and impact on business taxes.
The IRS telephone number is 1-800-829-1040, and they are available from 7 a.m. – 7 p.m. Monday thru Friday. The best time to call is early in the morning. Once you’ve set your language, do NOT choose Option 1 (regarding refund info). Choose option 2 for Personal Income Tax instead. Next, press 1 for form, tax history, or payment. Next, press 3 for all other questions. Next, press 2 for all other questions. When the system asks you to enter your SSN or EIN to access your account information, do NOT enter anything. Finally, press 2 for personal or individual tax questions. The system should then transfer you to an agent.
Exploring whether dividends count as an expense in business accounting and their impact on financial statements.