Past-due tax returns can freeze your payment plan before the IRS even reviews your case. Missing returns can also lead the IRS to refuse to process your settlement application altogether. Unfiled years can block hardship relief and trigger substitute returns that inflate what you owe. A post on MySuncoast.com, citing IPX1031, reveals that around 22% of […]
The CPA vs tax preparer decision depends on what you need beyond simply filing your taxes. A tax preparer may be enough for a straightforward return, while a CPA can provide broader tax, accounting, and financial services. If you have a business, complex investments, multiple income sources, or significant financial changes, a CPA may be […]
Bookkeeping interview questions can help you know the kinds of businesses a provider has worked with before you commit to a partnership. They can also reveal what bookkeeping software a firm relies on day-to-day. Good questions can uncover how a provider keeps client financial data secure from breaches or leaks. A report by Market Reports […]
When comparing an offer in compromise vs. a payment plan, consider your income and financial situation. An offer in compromise (OIC) may help you settle your debt for less, while a payment plan allows you to repay over time. Understand how each option works and seek the advice of a tax expert. The IRS says […]
Understanding the property tax rate in New Mexico protects your commercial venture from unexpected financial shocks. Local valuation shifts can alter your operating overhead very fast, and smart entrepreneurs always review local assessment records before signing any property lease or purchase agreement. Does this sound familiar? You know about a business that bought a commercial […]
Does Arizona have an inheritance tax? No, it doesn’t. If you inherit money or property in Arizona, you’ll likely owe the state nothing on it. According to estimates from the Tax Policy Center, a little more than 7,100 estate tax returns are expected to be filed for individuals who died in 2023. Of those, only […]
If you owe back taxes and can’t pay, you still have options. The IRS offers several programs that may help you reduce financial pressure, avoid harsher collection actions, and work toward resolving your tax debt. Understanding those options early can help you choose the best path and regain control of your finances. Many people worry […]
Do I need a lawyer for an Offer in Compromise? Not always. Many taxpayers can work with an Enrolled Agent (EA), while more complex cases involving legal disputes, appeals, or litigation may warrant hiring a lawyer. Did you know that an Enrolled Agent (EA) has unlimited rights to represent taxpayers before the IRS, according to […]
An Offer in Compromise gives certain taxpayers the opportunity to resolve outstanding IRS debt for an amount below the original balance when their financial circumstances make full repayment unrealistic. Who qualifies for an offer in compromise is determined after the IRS reviews your overall financial picture, including available resources, ongoing household costs, and what you can reasonably contribute […]
Does Arizona have an estate tax? No. Arizona does not currently impose a state estate tax, and it also does not have an inheritance tax. That means most Arizona families do not need to worry about state-level taxes on an estate after a loved one passes away, though federal estate tax rules may still apply […]
