Many Americans have spent some or all of the last 18 months working from home due to the COVID-19 pandemic. Since working from home meant setting up some sort of office in our houses or apartments, many Americans are looking forward to claiming a office deduction on their taxes. Unfortunately, for most employees who made […]
If you own or manage a business and owe back taxes personally, outside of your business ventures, you might be wondering if the Internal Revenue Service can levy your business account to collect that liability. Thankfully, they cannot. However, an IRS levy against your business bank account is a very serious collection tactic and requires […]
For those of you who are facing a federal tax lien, you’re aware of the stress and anxiety involved in this difficult situation. While not an immediate collection action, a lien still represents a substantial escalation in the IRS’ attempts to recoup a tax liability and can make it difficult for you to sell or […]
If you’re ready to move into a new home, a tax lien can feel like an unbearable burden. You might worry that you won’t be able to get a mortgage or financing — and a looming tax lien might turn off potential buyers. If you’re facing this stressful situation, you should understand what a tax […]
As was the case for small business owners in 2020, COVID-19 will have a significant effect on the sort of deductions you could be eligible for when you file your taxes in 2021. In this blog, we’ll examine several critical 2021 small business tax deductions and provide a checklist for potential opportunities to improve your […]
While COVID-19 has impacted every American in some way, shape, or form, not all of us have received federal stimulus checks. For many, this has turned a financial difficulty into a financial crisis. Thankfully, millions of taxpayers and non-filers could still be eligible for assistance through the Recovery Rebate Credit. Keep reading to learn what […]
Business owners and employees have long been conditioned to track all their expenses. Saving those receipts often pay off in the form of tax deductions that reduce business expenses and boost the bottom line. Unfortunately, it’s difficult to know exactly what you can and can’t deduct from your taxes, especially when it comes to business […]
An IRS audit can be an overwhelming process, and if you disagree with the IRS’ determination, it can feel like the end of the world. Luckily, you do have options after an audit decision, and you may be able to have your case reconsidered. An audit reconsideration is a process the IRS offers to help you if […]
Whether you prefer to file your taxes on your own or have a professional take care of them, getting ready for tax season is important. A single misstep can lead to headaches, an audit, interest, and penalties. However, some simple steps can make the process less intimidating. S.H. Block Tax Services has helped people and businesses across […]
When considering possible penalties for overdue taxes, people might first think of monetary fees. Owing money for late taxes can certainly happen, but the IRS and state revenue departments have other tax collection tools at their disposal. If you are behind on your taxes, you may be wondering, “Can the IRS take away your driver’s license? […]
