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withholding allowances

Should You Break Even or Make Bank on Your Tax Returns?

Have you noticed how many tax preparation firms and other companies hype up tax refunds? While getting a large tax refund may seem exciting, you could have had that money already with a proper withholding strategy. At S.H. Block Tax Services, we think you should hold onto your hard-earned money.

Keep reading to learn more about why people prefer a bigger refund over a bigger paycheck, what you’re missing by withholding extra money, and how an experienced tax lawyer can help you break even on your taxes. Read more

Small Business Bookkeeping

What Is a Bookkeeper and When Do I Need One?

Does managing your business financials give you a headache? Don’t worry, you’re not alone. Between the cost, time, and paperwork, it’s no wonder that 40% of small business owners state that bookkeeping and taxes are the worst part of owning their own business.

Do you want to spend less time pouring over your books and have more time to spend with your family or devote to the crucial aspects of running your business? Free up your time and reduce the stress and hassle of managing your accounts by working with a professional bookkeeper. Read more

keep tax returns

4 Reasons You’ll Want to Keep Your Tax Returns (And How to Keep Them)

Suppose you get a letter from the IRS, asking for information about your taxable income from two years ago? Would you know where to find your tax documents, including your tax returns, W-2 forms, 1099 forms, and business-related receipts? Unfortunately, many people throw these valuable documents away too early, complicating their tax audit strategies.

In this article, the experienced tax professionals at S.H. Block Tax Services explain why you need to hang onto your records, where you should store them to keep them secure, and when to keep them longer. Read more

How to Contact the IRS

Can I Call the IRS? How to Contact the Internal Revenue Service

If you’ve ever had questions or concerns regarding your tax returns or tax payments, you’ve likely experienced the pain of trying to get an IRS representative on the line. Sometimes this annoyance is avoidable. For general tax questions, the IRS provides answers via online FAQs and other resources. There are also several methods of contacting the IRS directly, which we’ll discuss in more detail below.

However, sometimes you don’t need to speak with an IRS agent at all. In many cases, the smartest option is to contact a skilled and experienced tax attorney to help you navigate the complicated world of tax planning liability resolution.

In this article, we’ll discuss various methods for contacting the IRS, tips for improving your IRS experience, and what to do if the IRS can’t (or won’t) help you. Read more

I’m Facing a Sales and Use Tax Audit — Help!

Sales and use tax audits that result in large sums of uncollected or under-accrued taxes can crush a business, especially a small business. These assessments can decimate your existing cash flow, pressure you to extend your credit, and even force you to close your business.

If your small business is currently undergoing a sales and use tax audit from your state government or you think you might soon, there could be serious consequences, which is why it’s important to start preparing now. Keep reading and learn how S.H. Block Tax Services can help you avoid, prepare for, and navigate your upcoming audit successfully. Read more

IRS Collections Dispute

Dispute IRS Tax Debt: Here’s How

If you have received a Notice of Intent to Levy or a Notice of Federal Tax Lien letter and feel the IRS erred in calculating your tax debt, you may be able to dispute their findings at a Collection Due Process hearing.

Keep reading to learn more about Collection Due Process, whether you qualify for a hearing, and how to file your request. Read more

Chapter 7 Bankruptcy

Understanding Chapter 7 Bankruptcy, Debts, and Liability

Business owners struggling to pay their monthly bills can easily become overwhelmed by debt. Running a business is hard enough, but when you add crippling credit card and loan debt into the mix, owners can find themselves in impossible situations.
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Tax Season

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

Tax season is back, and for most people, it comes with plenty of anxiety and frustration. But tax time doesn’t have to be this way. There are some simple actions you can take to streamline the process and get ahead of the game.

Now is the time to begin preparing for tax season, and if you follow the tips in this article, this could be the year you start making sound financial decisions that will pay major dividends for you and your family. Read more

Things Not To Do on Taxes

4 Things You Should Never Do During Tax Season (and 4 Tips on What to Do Instead)

Here at S.H. Block Tax Services, we look forward all year to National Tax Day on April 15. However, we recognize that most people’s stress levels steadily rise in the weeks leading up to tax-filing time and peak on April 15. In fact, a 2012 study analyzed 30 years of data and found that auto accidents spike 6% on Tax Day.

We’re not here to pass judgment, but we can say from decades of experience that many people’s tax-time stress is self-inflicted. Often, easing the pain of tax season is a matter of getting rid of bad habits and replacing them with healthy and constructive ones.

To help you cut down on unnecessary tax-time headaches, we’ve created a list of four things you should never do on Tax Day. For each entry on the list, we’ve provided a good habit you can use to replace the bad one. If you use this list to reshape your tax preparation and filing habits, you’ll never have to dread the calendar march toward April 15 again. Read more

How to Avoid Estimated Tax Penalties

Use These 3 Tips to Avoid Estimated Tax Penalties

If you seem to find yourself stuck paying estimated tax penalties year after year, you can take some comfort knowing you’re not alone. In 2015, which was the last time the IRS released data on estimated tax penalties, the agency reported that they assessed these penalties on 10 million taxpayers. On average, each of those 10 million taxpayers had to pay about $130 in penalties.

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