Tax Resources Archives -

Can I Deduct Business Expenses, Meals, and Entertainment?

April 7, 2021/0 Comments/in Tax Resources /by S.H. Block Tax Services

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 expenses, meals, and entertainment. Determining what is and isn’t deductible can be a complicated process — even before you factor in complications created by the COVID-19 pandemic and new details that were included in the relief package Congress passed in December.

In this blog, we will provide an overview of which business expenses, meals, and entertainment you can deduct on your 2020 taxes.

(And if you still have any questions, contact S.H. Block Tax Services. Our team has the experience and expertise to help your business navigate any complicated questions or tax-related details.)

Everything You Need to Know About IRS Audit Reconsideration

March 1, 2021/0 Comments/in Tax Resources /by S.H. Block Tax Services

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 you disagree with the results of an audit of your tax return, or if you disagree with a tax return the IRS prepared for your business because you didn’t file a required return. You can request an audit reconsideration if you:

Didn’t appear for your audit
Moved and didn’t receive the audit report
Have new information to show the IRS
Disagree with the audit assessment

Read on to learn more about the audit reconsideration process, and what you can do to get the IRS to reconsider your audit findings.

How to Get Ready for Tax Season

March 1, 2021/0 Comments/in Tax Resources /by S.H. Block Tax Services

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 Maryland with their state and federal tax filings. In this article, we offer a tax preparation checklist that can streamline this year’s filings.

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What Collection Tools Can the IRS or State Use When I Owe Taxes?

February 8, 2021/0 Comments/in Tax Resources /by S.H. Block Tax Services

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? Can my passport be revoked for back taxes? Should I worry about an IRS business license revocation?”

This article discusses the tools federal and state revenue departments can use to recover seriously delinquent taxes and the actions you can take to come back from those penalties.

How to Read a Pay Stub

February 2, 2021/0 Comments/in Tax Resources /by S.H. Block Tax Services

Understanding how to read a pay stub and putting that knowledge to work is just as important the day you receive your first paycheck as it is the day you retire. Your pay stub contains a lot more information than just the money you can expect to receive that pay period — although that is the most exciting part!

Keep reading to learn how to read a pay stub and why doing so correctly is such an important part of improving your overall finances.

How to Deal With an IRS Revenue Officer

January 8, 2021/0 Comments/in Tax Resources /by S.H. Block Tax Services

If you’re in a position where you’re forced to deal with an IRS revenue officer, you’re probably feeling stressed and anxious. These guys mean business, and they’re likely being very aggressive about your outstanding tax liability. However, you still have plenty of options if you keep your cool, remain upfront and honest, and follow their instructions to the best of your ability.

In this blog, we’ll discuss how to deal with an IRS revenue officer and who to contact to help you navigate these difficult relationships. But first, a quick note on revenue agents and revenue officers to clear up any confusion.

How Does the IRS Decide What I Can Afford to Repay?

January 4, 2021/0 Comments/in Tax Resources /by S.H. Block Tax Services

If you’re struggling to pay off tax debt, it may seem like the IRS is completely arbitrary as it determines your repayment options and whether you qualify for any tax relief.

How Do I Know if I Am Exempt From Federal Withholding?

December 8, 2020/0 Comments/in IRS, Tax Resources /by S.H. Block Tax Services

Many people don’t know how to figure out whether they need to withhold federal income taxes from their paychecks. That’s okay — the team of experienced tax representatives at S.H. Block Tax Services is here to help! In this blog article, we’ll talk about how withholding works and explain how you can figure out whether you’re exempt.

6 More Tips to Help With Small Business Recordkeeping

December 1, 2020/0 Comments/in Tax Resources /by S.H. Block Tax Services

Running a small business can involve a huge amount of work. When you’re dealing with customers and taking care of day-to-day business needs, bookkeeping may not seem like the most pressing issue. But if the IRS decides to audit you and your records are lacking, you can wind up in a bad position.

Part of the challenge is that many business owners don’t know exactly which records they need to keep. We’re here to help. In this blog article, we’ll provide six tips that will help you stay on the right side of state and federal tax laws. (Afterward, if you want more help, you can read five additional bookkeeping tips here.)

How to Avoid a Maryland State Tax Lien

November 11, 2020/0 Comments/in Tax Resources /by S.H. Block Tax Services

Like most things related to tax debt and back taxes, tax liens are no fun. However, if you have a Maryland tax lien or are worried about one, ignoring the problem won’t help.

The good news is that whatever your tax problems, there’s always a way to start addressing them and improving your situation. Often, that path starts with learning about the issue and figuring out your options. In this article, we’ll try to help by explaining what Maryland tax liens are, how they work, and how you can avoid or get rid of them.

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