Blog
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How the Estate Tax is Calculated
Will My Beneficiaries Have to Pay the Estate Tax? The estate tax, more ominously known as the death tax, is a federal tax that is due when a deceased person’s estate exceeds a certain monetary threshold. The federal estate tax is brutal, since an estate that is subject to the estate tax will owe roughly 40% to the federal government. However, most estates are thankfully not subject to the estate…
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Goals During an IRS Audit
You should have two goals in every IRS audit - Minimize financial damage and Prevent expansion of the audit.
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Ignoring an IRS Tax Audit
It may not be in your best interest to cooperate in an audit. Maybe your bank records show larger deposits, or maybe you highly…
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If You Are Billed for an Audit You Didn’t Know About
Some people receive tax bills out of the blue. While the IRS must send an audit notice only to the last known address…
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How to Handle Office Audits
During an office audit, you will schedule a meeting and present the IRS auditor with a number of documents requested in advance.
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How to Handle Field Audits
The final kind of IRS audit—the field audit—is the most deadly. The name refers to the fact that it takes place outside the IRS offices.
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How to Behave at Your Audit – Playing It Cool
There are some definite dos and don’ts in dealing with an auditor. This section explores how to handle an IRS auditor.
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State and Local Taxes
businesses are concerned with federal taxes, but very few realize many states also have state and local taxes that may affect their business.
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What is Considered Taxable Income?
For the most part, Uncle Sam doesn’t care whether your income is from self-employment, wages, investments, or organized crime. If it’s income, it…
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Should I add my Son or Daughter to my Home’s Title?
One common question we often get is whether to add a child to a client’s title for their property.
