can the irs levy a business account for personal taxes

Can the IRS Levy a Business Account for Personal Taxes?

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If you own or manage a business and owe back taxes personally, outside of your business ventures, you might be wondering if the Internal Revenue Service can levy your business account to collect that liability. Thankfully, they cannot. However, an IRS levy against your business bank account is a very serious collection tactic and requires serious and immediate action.

Keep reading to learn more about business bank account levies and the steps you can take to resolve your tax liability before things get any worse.

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Will the IRS Subordinate a Tax Lien

Will the IRS Subordinate a Federal Tax Lien?

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For those of you who are facing a federal tax lien, you’re aware of the stress and anxiety involved in this difficult situation. While not an immediate collection action, a lien still represents a substantial escalation in the IRS’ attempts to recoup a tax liability and can make it difficult for you to sell or refinance the property.

Obviously, the best way to eliminate a tax lien is to pay off your existing tax debt. Short of that, however, you can request a lien subordination. In this blog, we’re going to discuss when the IRS will subordinate a federal tax lien and how this process could improve your financial situation.

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Can a Tax Lien Prevent You From Buying a House

Can I Buy a House if I Owe the IRS Back Taxes?

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If you’re ready to move into a new home, a tax lien can feel like an unbearable burden. You might worry that you won’t be able to get a mortgage or financing — and a looming tax lien might turn off potential buyers.

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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2021 Small Business Tax Deductions

2021 Small Business Tax Deductions: A Checklist

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As was the case for small business owners in 2020, COVID-19 will have a significant effect on the sort of deductions you could be eligible for when you file your taxes in 2021. In this blog, we’ll examine several critical 2021 small business tax deductions and provide a checklist for potential opportunities to improve your filing status and minimize any tax liabilities.

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Recovery Rebate Credit

Didn’t Get a Stimulus Check? You Might Be Able to File for a Recovery Rebate Credit

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While COVID-19 has impacted every American in some way, shape, or form, not all of us have received federal stimulus checks. For many, this has turned a financial difficulty into a financial crisis. Thankfully, millions of taxpayers and non-filers could still be eligible for assistance through the Recovery Rebate Credit.

Keep reading to learn what the Recovery Rebate Credit is, who potentially qualifies to receive it, and how you can claim the credit on your 2020 tax credit — even if you haven’t filed taxes in the last few years.

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Business Expenses Meals and Entertainment

Can I Deduct Business Expenses, Meals, and Entertainment?

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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.)

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irs audit consideration 

Everything You Need to Know About IRS Audit Reconsideration  

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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.

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how to get ready for tax season 

How to Get Ready for Tax Season

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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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can the irs take away your drivers license?

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

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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.

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How to Read a Pay Stub

How to Read a Pay Stub

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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.

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