business bookkeeping

Trouble Keeping Your Receipts on Business Travel? Use the I.R.S. Per Diem Rules.

If you are self-employed, and travel away from home on business, you can deduct certain expenses, like meals or lodging, that you ordinarily could not.  If you have employees who travel, and you reimburse them for travel expenses like food and incidentals (e.g., you can also use the per diem rates so long as you reimburse the employee at the per diem rate.  Read more

Scheduling Estimated Quarterly Tax Payments

Schedule Your Estimated Quarterly Tax Payments to Avoid Penalties

The deadline to submit your fourth quarter estimated tax payment is due on January 15. If you’re worried about forgetting the deadline amid the hustle and bustle of the holiday season, you can schedule your estimate tax payments in advance.

In this blog, we discuss how paying estimated quarterly taxes ahead of the deadline can save you time, stress, and money — and also how an experienced Maryland tax lawyer can help if you’re struggling with tax liabilities. Read more

Year-Round Tax Planning

The Benefits of Year-Round Tax Planning and Organization

For many individuals and companies, taxes are something you only worry about in March and April as you rush to file and cross your fingers for a large return. If this sounds familiar, it’s time to look into year-long tax planning.

Tax-planning is the practice of considering how your taxes affect your overall financial situation and goals. By organizing tax-related documents as you acquire them (or by working with a bookkeeping service), you can tax plan all year long and stay on top of your financials.

Keep reading to learn how organizing your tax documents and strategizing your taxes year-round is both easy and highly beneficial for all taxpayers. Read more

IRS Tax Fraud Crackdown

The Downside of Recent Tax Fraud Crackdowns

If you’ve been wrongly accused of tax fraud or tax identity theft, you’re not alone. The IRS has been cracking down on tax scams, and while their efforts have drastically decreased instances of legitimate fraud, they’ve also managed to accidentally catch innocent taxpayers in their web.

Keep reading to learn more about IRS efforts to decrease tax fraud, how to help legitimize your tax actions, and what to do if you’ve been wrongly accused. Read more

Surviving a Tax Audit

The 2019 Audit Survival Guide: 6 Tips for Surviving a Tax Audit

Receiving any notification from the IRS can be stressful, but receiving a notice that you’re being audited is enough to make anyone panic. The IRS conducts audits for any number of reasons — and not necessarily because you have done anything wrong. However, even if you are sure that you have nothing to worry about, you still need to take an IRS audit seriously and consider hiring a tax attorney if you think there is anything the IRS could misconstrue.

In this article, we’ll provide a little background on why the IRS may have chosen you for further scrutiny and then offer six tips for surviving your tax audit. Read more

Tax Facts and Tax Fictions

Two Truths and a Lie: Facts and Fictions on Paying Taxes and Filing Late

Every year, the Internal Revenue Service hears the same excuses from taxpayers attempting to avoid paying their taxes. The idea that certain circumstance can get you out of paying your taxes is a fallacy. Although you do have to pay, there are certain situations in which the IRS will provide tax relief options or allow you to pay later.

In this article, we’ll discuss these facts and fictions about paying your taxes. Read more

withholding allowances

Should You Break Even or Make Bank on Your Tax Returns?

Have you noticed how many tax preparation firms and other companies hype up tax refunds? While getting a large tax refund may seem exciting, you could have had that money already with a proper withholding strategy. At S.H. Block Tax Services, we think you should hold onto your hard-earned money.

Keep reading to learn more about why people prefer a bigger refund over a bigger paycheck, what you’re missing by withholding extra money, and how an experienced tax lawyer can help you break even on your taxes. Read more

IRS Identification

IRS Knocking at Your Door? How to Tell if They’re the Real Deal

It can be challenging to tell if an IRS agent is legitimate, especially if they show up at your home or place of business and you feel flustered by the threat of IRS action. Giving away sensitive tax or identity information to a scammer can have devastating consequences. However, if the IRS actually is at your door, the situation needs to be taken seriously, and the issue resolved as soon as possible.

Keep reading for more information on how to identify real IRS agents and report scammers — and how S.H. Block Tax Services can help you with all your IRS concerns. Read more

Small Business Bookkeeping

What Is a Bookkeeper and When Do I Need One?

Does managing your business financials give you a headache? Don’t worry, you’re not alone. Between the cost, time, and paperwork, it’s no wonder that 40% of small business owners state that bookkeeping and taxes are the worst part of owning their own business.

Do you want to spend less time pouring over your books and have more time to spend with your family or devote to the crucial aspects of running your business? Free up your time and reduce the stress and hassle of managing your accounts by working with a professional bookkeeper. Read more

keep tax returns

4 Reasons You’ll Want to Keep Your Tax Returns (And How to Keep Them)

Suppose you get a letter from the IRS, asking for information about your taxable income from two years ago? Would you know where to find your tax documents, including your tax returns, W-2 forms, 1099 forms, and business-related receipts? Unfortunately, many people throw these valuable documents away too early, complicating their tax audit strategies.

In this article, the experienced tax professionals at S.H. Block Tax Services explain why you need to hang onto your records, where you should store them to keep them secure, and when to keep them longer. Read more