Unemployed and Owe Taxes

I’m Unemployed and Owe Taxes — What Should I Do?

Many people are struggling right now, especially those individuals who have lost their jobs due to COVID-19 while also dealing with frustrating back taxes.

When it comes to being unemployed and owing back taxes, there’s reason for optimism. While there are some instances where federal tax laws might result in new costs for the unemployed (unemployment compensation is taxable), most tax statutes are structured to help alleviate the financial burden of being unemployed with tax debt. Most importantly, there will be no interruption of your unemployment benefits as we weather the storm of the coronavirus pandemic.

If you’re currently unemployed and owe back taxes, you have several viable options to stay afloat during these challenging times. Please keep reading to learn how to delay payment or resolve back taxes if you’re currently unemployed.

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Small Business Tax Deductions

13 Small Business Tax Deductions That Can Save You Money

Whether your small business is thriving or going through a rough patch, you always want to maximize your revenue streams while decreasing potential losses. One great way to help ensure positive cash flow is to make sure you’re taking advantage of every available income tax deduction at your disposal, especially as we all attempt to navigate these challenging times.

Keep reading to discover 10 small business tax deductions that can help your business weather the storm and pay less in taxes.

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why hire a tax attorney

Why Hire a Tax Attorney?

Over the last few years, there has been renewed discussion in the larger legal community about the role of non-lawyers. As a tax attorney, I can only laugh. I have always competed with certified public accountants (CPAs) and other non-attorney tax professionals. Prospective clients regularly ask me, “Why should I hire a lawyer to handle my tax problems? Why not let my accountant deal with it?”

It’s a fair question.

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Made a Mistake on My Taxes

Made a Mistake on Your Taxes? Fix It With an Amended Tax Return

Taxes can be confusing, and errors are bound to happen. If you realize that you made a mistake on your taxes after filing, an amended tax return may right any potential wrongs — helping you avoid potential fees and penalties or even improving the amount of your return in the process.

In this blog, we will explain:

  • What an amended tax return is
  • When you should file an amended tax return
  • How to file an amended tax return
  • And how S.H. Block Tax Services can help

Let’s get started!

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How to Handle a Business Tax Audit

Audit Survival Guide: How to Handle a Business Tax Audit in 2020

Anyone who has endured a business tax audit will tell you that this nerve-wracking experience can test even the most seasoned business owner. Thankfully, the IRS audits less than 2% of businesses each year. If you’re properly documenting and disclosing your finances, you likely don’t have anything to worry about. Still, it’s always better to err on the side of caution. In this blog, we’ll tell you how to potentially handle a business tax audit if you catch the attention of the IRS —and explain how to avoid a business audit in the future.

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Maximize Your Tax Returns by Saving Your Receipts

Spring Cleaning? Maximize Your Tax Returns by Saving Your Work-Related Receipts and Documents

If you hate clutter, throwing away your receipts seems like the natural thing to do. Even people who aren’t as concerned with tidiness often toss their receipts in the nearest wastebasket as a matter of habit. And if you’re in the mood for spring cleaning, it’s easy to trash receipts and documents without examining them carefully or considering their importance.

Unfortunately, this practice can have negative consequences when it comes time to file your taxes. An organized and complete paper trail of your expenses can ensure that your tax return is accurate, and you get the refund you deserve. As you go about your spring cleaning this year, be sure to gather all of your receipts and review them fully.

Keep reading to learn why saving your receipts is so important and how a neat and orderly accounting of your payments can maximize your tax returns.
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IRS enforcement

IRS Going After Wealthier Non-Filers In New Enforcement Campaign

The IRS just announced a new enforcement effort to go after business and individuals who have not filed required tax returns.

This effort was hinted at by high-level officials of the Small Business/Self-Employed divisions of the IRS, who are responsible for most IRS audits and collections. In a January conference call, attended by our own Eric Bielitz, they discussed that recent hiring of some 2,000 new personnel and improvements to their computer systems would enable them to make new efforts to enforce the tax code that wasn’t possible before.

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tax identity theft

What You Need to Know About Data Breaches and Tax Identity Theft

While everyone loves the convenience that technology provides, but there are many risks when companies store our personal information online or on the cloud. Almost every day, scammers are stealing Social Security numbers, credit card numbers, and other sensitive personal data. At S.H. Block Tax Services, we’re painfully aware that tax identity theft still poses a huge threat.

In this article, we discuss the troubling increase we’re seeing in data breaches and what you can do to protect your tax refund and privacy.

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bank secrecy act

The Bank Secrecy Act of 1970: What You Need to Know

In addition to the Tax Code, the IRS is charged with enforcing several other laws, including the Bank Secrecy Act of 1970 (The BSA). For most of its history, the BSA was a relatively obscure law that only impacted banks; it required banks to develop anti-money laundering internal controls. However, there are two provisions that significantly affect individuals and small businesses: offshore account disclosure and structuring.

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Get Ready to File Your 2019 Tax Return With These Simple Tips

Now that the 2019 tax year is over, we’re entering the busy 2020 tax season. However, before you file your 2019 tax return, it’s a good idea to reacquaint yourself with U.S. tax laws. This is especially true this year, since the IRS announced some big changes.

Keep reading to learn how tax filing has changed for the 2019 tax year and tips for confusion-free filing.

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