Category: Taxes & IRS Audits
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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…
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When Do I Need to Apply for Homestead in Florida?
If you own a Florida home, you may wonder when you should file for homestead. Homestead is a legal status that provides homeowners…
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Creditor Protection and Tax Benefits of Homestead in Florida
Making your primary residence in Florida your homestead provides you with both tax benefits and an unlimited creditor protection against most creditors/lawsuits. This…
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Winning Your Audit Part 6: Finishing Audits
This is part 6 of 6 of our in-depth guide to winning your audit. Finishing Audits Toward the end of every meeting with…
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Winning Your Audit Part 5: Preparing for an IRS Audit
This is part 5 of 6 of our in-depth guide to winning your audit. Preparing for an Audit In preparing for an IRS…
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Winning Your Audit Part 4: Types of IRS Audits
This is part 4 of 6 of our in-depth guide to winning your audit. Types of IRS Audits There are three types of…
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Winning Your Audit Part 3: IRS Automated Adjustment
This is part 3 of 6 of our in-depth guide to winning your audit. When the IRS Increases Your Tax Bill Without an…
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Winning Your Audit Part 2: Audit Selection
This is part 2 of 6 of our in-depth guide to winning your audit. Audit Selection—Why Me, O Lord? You just got an…
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Winning Your Audit: An In-Depth Guide
This chapter deals with the types of IRS audits—both correspondence and face-to-face—that individuals and small business owners are most likely to face.
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Deducting Travel, Entertainment, Meals, and Gifts as a Business Expense
The key to maximizing your tax savings is knowing the best ways to deduct business operating expenses to produce the very lowest taxable…
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Tax Deductions: The Costs of Going Into Business
What tax deductions can you take for the money you spend before opening the doors to your new venture? These costs are commonly…
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What Is A Deductible Business Expense?
Small business owners and self-employed people are always looking for ways to maximize their tax savings. The key to legally cutting your business…
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Tax Law for Small Business Owners
Take it from one small business owner to another: Operating a business without the right tax knowledge is like skydiving without a parachute—certain…
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Offer in compromise: How to Get the IRS to Accept Your Offer
Would you like to wipe your tax slate clean at an enormous discount? The IRS has accepted less than 1% of a tax…
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Tax Audit FAQ: Common Issues When Dealing With the IRS
In this article, we have collected the 20 most commonly asked questions about tax audits and briefly answered them for your reading pleasure.…
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IRS Audits: Timing is Everything
The IRS is powerful, but not without limit. After getting over the shock of reading “we have selected your federal income tax return for examination,”…
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IRS Audits: Top Six Field Audit Issues
Some field audits last a couple of hours and are wrapped up that day. In extreme cases, a revenue agent may spend hundreds…
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The IRS Appeals Protest Letter
IRS appeals rules differ, depending on the amount of taxes you are disputing from an audit. It’s important to know at which thresholds…
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Tax Court: How the IRS Handles ‘Regular Cases’
If you want to contest in tax court an audit outcome of over $50,000 for any one year, your case will be considered…
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Should You File a Tax Return While Under Audit?
Here’s one way to minimize the expansion of your audit: Don’t file a tax return while an office (read here) or field (read…
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Reviewing the Automated Adjustment Notice
Money magazine estimates that between 25% and 50% of automated adjustment notices are erroneous. A common IRS mistake is not finding an income item…
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Presenting a Case to an IRS Appeals Officer
Some appeals officers sit back and wait for you to present your case, while others run the show by asking questions.
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Preparing Your Case for Tax Court
Tax court is a whole new ball game. It is a brand new hearing before a judge who knows nothing about your case.
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Preparing for the Office Audit – Part 2
Here is how to prepare for the encounter with the IRS when being subjected to an office audit - Part 2
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Preparing for the Office Audit – Part 1
Here is how to prepare for the encounter with the IRS when being subjected to an office audit - Part 1
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IRS Appeal: How to Effectively Prepare
After requesting an appeal, you will have between a few months to a year before your hearing. Use this time to prepare diligently.
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Notices From the Tax Court
After you file your petition, within an year, you will receive a “notice setting case for trial” It gives you the place, date, and time…
