Income Tax Payment Options Explained

Income Tax Payment Options Explained

If you filed your income taxes and discovered that you owe the IRS or the State of Maryland, you have several options when it comes to repayment, even if you can’t pay the entire sum at once. (If you haven’t filed yet, be sure to do so before the April 17 deadline, as failure to do so may result in penalties and interest).

Keep reading to learn more about your tax repayment options. Read more

get ready for tax season

5 Tips to Help You Get Ready for Tax Season

Tax Season Is Right Around the Corner — Start Preparing Now!

With tax season on the horizon, now is the time to begin preparing to file your returns, especially if you haven’t filed in recent years or have a history of tax liabilities.

Regardless of your situation, every year there are certain steps you can take to lighten your load, reduce your stress, and keep your bank account healthy. Follow these five tips to make this a simple and successful tax season. Read more

Simple Tax Deductions for Small Businesses and the Self-Employed

Simple Tax Deductions for Small Businesses and the Self-Employed

Every year, millions of Americans miss out on valuable tax deductions, and perhaps no sector of the population loses bigger than small business owners and self-employed individuals.

According to the Small Business & Entrepreneurial Council, small businesses with fewer than 20 workers and non-employer businesses together make up almost 98% of the businesses in America. This fact shows the enormity of the situation: if 98% of American companies took better advantage of valuable tax deductions, that large sector of the economy could get an enormous infusion of capital and perhaps grow significantly. Read more

small business audits

Is the IRS Targeting Small Businesses for Audits?

Experts Suggest the IRS Is Deliberately Targeting Small Businesses

Small businesses in the United States create more jobs than any other sector in our economy. Yet according to tax data from recent years, businesses with the lowest levels of income ($200,000–$400,000) get audited most frequently.

While the Internal Revenue Service (IRS) tells the public that they keep their small business auditing practices random through a complicated and secret algorithm, many business owners feel that they’re being deliberately targeted for audits, and at least one expert agrees. Read more

S.H. Block Can Help You Manage Your Withholdings

S.H. Block Tax Services Can Help You Manage Your Withholdings and Any Unexpected Taxes Owed

The number of allowances listed on an employee’s W-4 form determine how much that individual pays in income taxes. It’s an easy and direct system for people with one job who file as single and claim a standard deduction. However, individuals who don’t fit into this “standard” filing category may not be withholding the correct amount. Read more

determining income-type

What Is the Saver’s Tax Credit and How Does It Work?

The current economic and political climate is making it difficult for average Americans and their families to save for retirement. However, retirement savings are a vital element of any good financial plan, and there are special tax incentives for making contributions to a retirement plan.   Read more

IRS Now Contracting With Private Collection Agencies

IRS Now Contracting With Private Collection Agencies

In December 2015, Congress passed the Fixing America’s Surface Transportation (FAST) Act, and it was subsequently signed into law by President Obama.  Read more

IRS-collection

How Long Can the IRS Try to Collect a Debt?

The Collection Statute Expiration Date, Explained 

Most people assume that once they owe the IRS money, they are required to pay them until the debt is fully resolved, no matter how long it’s been since the debt originated. Luckily for them, that’s not necessarily true.  Read more

Free In-Depth Infographic: Tax Deductions for the Self-Employed

Free In-Depth Infographic: Tax Deductions for the Self-Employed

When you’re self-employed, tax time can be a nightmare. But S.H. Block Tax Services is here to help! We’ve created an in-depth infographic, “Tax Deductions for the Self-Employed” that you can download for free on this page.

 

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offer-in-compromise

Calculating Your Assets for an Offer in Compromise

Negotiating an offer in compromise (OIC) with the IRS can be confusing and frustrating for individuals with substantial tax liabilities. To help, we’ve compiled a few tips to simplify and streamline the process of determining the true value of your assets and negotiating the best possible OIC for you and your family.   Read more