oic meaning

What Does OIC Mean? 

In 2011, the IRS launched a new program call the IRS Fresh Start Program. That was really a collection of changes to the tax code to make it easier for people to get relief from tax debt and penalties. Since then, the IRS has added occasional updates to allow for easier tax debt relief. Believe it or not, the IRS doesn’t want you to be buried in debt, they’d like to see you solve your financial problems and get a fresh start. 

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what is tax abatement

What Is Tax Abatement?

There are different forms of tax abatement that might ease the burden on a taxpayer, but they have one thing in common: the reduction or elimination of taxes. This makes sense because the legal definition of abatement is a reduction, suspension, or cessation of a charge. 

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how is social security income taxed

When Is Social Security Income Taxable?

Many taxpayers believe that if they are on Social Security (SS), it is not taxable. This can lead to a nasty surprise when they file taxes, since they were not expecting a tax bill. The Social Security Administration estimates that 56% of beneficiary families owe federal taxes on their SS benefits. Is your family one of them?

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tax resolution services

Guide to Professional IRS Tax Resolution Services

Most people expect their only interaction with the IRS to be when they file their annual tax return. And when you receive a written notice from them, it usually isn’t good news. This gives the agency a reputation for being punishing and unforgiving. However, the IRS can be more lenient than you think and resolving tax problems doesn’t necessarily have to be a stressful or scary situation.

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lien subordination

What Is a Federal Tax Lien Subordination?

If you have fallen behind on your federal taxes, your debt can snowball and quickly become unmanageable. Between IRS penalties and interest, your tax debt will start to grow faster than you can find the funds to pay it off.

In order to secure this debt, the IRS may file a Notice of Federal Tax Lien against your personal property or business property. This will make it nearly impossible to sell that property or get any loans.

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bookkeeping tips for small business

10 Bookkeeping Tips for Small Businesses

Keeping up with accounting tasks can be demanding for any company or organization, but it is especially overwhelming when you run a small business and handle the bookkeeping yourself!

To prevent things from getting out of hand, it’s smart to implement a foolproof system that makes sense for your company’s size, revenue, and industry, while also accommodating your busy schedule. You want to use a simple, effective process that allows you to track and record all finances related to your business quickly and easily. This way, all your expenses, invoices, deposits, and other financial information will be neatly stored and accounted for once tax season arrives in the spring.

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penalty abatement

Penalty Abatement Tax Services

The only thing more complicated than filing your taxes is figuring out how to deal with the IRS charging you a tax penalty for an honest mistake. It is very stressful when you’ve filed your taxes in good faith, but the IRS claims you did not properly file or pay. Fortunately, the IRS offers multiple ways to eliminate these fees, depending on your situation.

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File Bankrupcy

Is It Better to File a Chapter 7 or 13 Bankruptcy?

Is It Better to File a Chapter 7 or 13 Bankruptcy?

The average person has little to no understanding of bankruptcy, which means there’s a steep learning curve if you need to consider bankruptcy as a solution to your financial situation. 
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filing taxes if you work in another state

Navigating State Taxes for Out-of-State Remote Workers

Due to the increase in remote work and telecommuting since the start of COVID, more people than ever are working from home in one state even though their company is located in another. This can lead to complicated tax issues, but with a little extra knowledge (and the help of S.H. Block Tax Services), you can get the most out of your out-of-state remote work tax return.

Keep reading to learn how!
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business bookkeeping services

5 Reasons You Need a Great Bookkeeper for Your Small Business

Every business needs to keep accurate books, but many small businesses struggle to keep up and could use a little help to ensure things run smoothly all year round.

This blog will explain how S.H. Block Tax Services’ business bookkeeping services can help you and your team save time and money while minimizing stress and decreasing your chances of getting into hot water with the IRS.

Keep reading to learn five reasons you need a great bookkeeper for your small business.

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