buying a house with a tax lien

Buying a House With a Tax Lien? Here’s What You Should Know

You’ve done it! After months of saving, searching, and paperwork, you’ve found the house of your dreams. But as you proceed with the deal, you got a nasty surprise: the current owners didn’t pay their property taxes for several years, resulting in the IRS putting a lien on the house. You are in love with the property but don’t know what to do about the lien, and your realtor is advising you to walk away.

If you’re facing this stressful situation, you should understand what a tax lien is, what it takes to get rid of one, and what to do next. Keep reading to learn more.

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coronavirus relief taxes

How Will Coronavirus Relief Affect My Business Taxes Next Year?

The coronavirus pandemic has impacted our economy, businesses, and lives in unprecedented ways. Many businesses found themselves in an uncertain position as we began to feel the full effects of the shutdown.

To try and prevent economic disaster, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 27, 2020. The law provides more than $2 trillion in relief to protect Americans from the economic impact of the virus.

As part of this program, businesses can apply for and receive support for the cost of payroll, overhead, and other business expenses. However, because the COVID-19 crisis and the resulting supportive programs are so unprecedented, many people are unclear how these relief efforts will impact business taxes next year. In this blog, we’ll break down what you need to know.

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How to Solve Tax Problems

These 5 Methods Can Solve Most Tax Problems

Millions of Americans struggle with tax issues every year, from minor debts and unfiled returns to liens, levies, and garnishments. If you’re struggling with an unresolved tax issue, keep reading and learn about several proven tax resolution methods that may be able to solve your problem.

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family business taxes

Your Family Business Tax Questions, Answered

Did you know that family businesses create 78 percent of new U.S. jobs and employ 60 percent of our national workforce? Family businesses are an essential part of our economy, and a family business can be a special thing — in more ways than one.

When it comes to taxes, family businesses have some unique considerations. While most of the differences are benefits for the family business owner, the extra rules can seem confusing. And if you make a mistake, you could end up facing fees, penalties, or even a tax audit. In this blog article, we’ll try to help by answering some of the most common questions about tax treatments and employment tax rules for family business owners.

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Unemployed and Owe Taxes

I’m Unemployed and Owe Taxes — What Should I Do?

Many people are struggling right now, especially those individuals who have lost their jobs due to COVID-19 while also dealing with frustrating back taxes.

When it comes to being unemployed and owing back taxes, there’s reason for optimism. While there are some instances where federal tax laws might result in new costs for the unemployed (unemployment compensation is taxable), most tax statutes are structured to help alleviate the financial burden of being unemployed with tax debt. Most importantly, there will be no interruption of your unemployment benefits as we weather the storm of the coronavirus pandemic.

If you’re currently unemployed and owe back taxes, you have several viable options to stay afloat during these challenging times. Please keep reading to learn how to delay payment or resolve back taxes if you’re currently unemployed.

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Small Business Tax Deductions

13 Small Business Tax Deductions That Can Save You Money

Whether your small business is thriving or going through a rough patch, you always want to maximize your revenue streams while decreasing potential losses. One great way to help ensure positive cash flow is to make sure you’re taking advantage of every available income tax deduction at your disposal, especially as we all attempt to navigate these challenging times.

Keep reading to discover 10 small business tax deductions that can help your business weather the storm and pay less in taxes.

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why hire a tax attorney

Why Hire a Tax Attorney?

Over the last few years, there has been renewed discussion in the larger legal community about the role of non-lawyers. As a tax attorney, I can only laugh. I have always competed with certified public accountants (CPAs) and other non-attorney tax professionals. Prospective clients regularly ask me, “Why should I hire a lawyer to handle my tax problems? Why not let my accountant deal with it?”

It’s a fair question.

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Made a Mistake on My Taxes

Made a Mistake on Your Taxes? Fix It With an Amended Tax Return

Taxes can be confusing, and errors are bound to happen. If you realize that you made a mistake on your taxes after filing, an amended tax return may right any potential wrongs — helping you avoid potential fees and penalties or even improving the amount of your return in the process.

In this blog, we will explain:

  • What an amended tax return is
  • When you should file an amended tax return
  • How to file an amended tax return
  • And how S.H. Block Tax Services can help

Let’s get started!

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How to Handle a Business Tax Audit

Audit Survival Guide: How to Handle a Business Tax Audit in 2020

Anyone who has endured a business tax audit will tell you that this nerve-wracking experience can test even the most seasoned business owner. Thankfully, the IRS audits less than 2% of businesses each year. If you’re properly documenting and disclosing your finances, you likely don’t have anything to worry about. Still, it’s always better to err on the side of caution. In this blog, we’ll tell you how to potentially handle a business tax audit if you catch the attention of the IRS —and explain how to avoid a business audit in the future.

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Maximize Your Tax Returns by Saving Your Receipts

Spring Cleaning? Maximize Your Tax Returns by Saving Your Work-Related Receipts and Documents

If you hate clutter, throwing away your receipts seems like the natural thing to do. Even people who aren’t as concerned with tidiness often toss their receipts in the nearest wastebasket as a matter of habit. And if you’re in the mood for spring cleaning, it’s easy to trash receipts and documents without examining them carefully or considering their importance.

Unfortunately, this practice can have negative consequences when it comes time to file your taxes. An organized and complete paper trail of your expenses can ensure that your tax return is accurate, and you get the refund you deserve. As you go about your spring cleaning this year, be sure to gather all of your receipts and review them fully.

Keep reading to learn why saving your receipts is so important and how a neat and orderly accounting of your payments can maximize your tax returns.
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