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A woman working on her taxes on a computer

Take Advantage of the IRS’ First-Time Penalty Abatement Policy

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Filing and paying state and federal taxes can be complicated, inconvenient, and unnerving. Deadlines can be hard to remember and even harder to meet. And since state and federal tax law is constantly changing, it’s nearly impossible to keep up.

With all this confusion and bureaucracy, failing to file and pay your taxes is an understandable mistake—and one that is easy to make.

If you’ve missed a filing or payment deadline, you’re probably subject to penalties. But you could be eligible to waive these fees if you meet certain criteria. Keep reading to learn more about the IRS First Time Penalty Abatement program and how it could improve your tax situation.

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crypto and irs questions

Crypto and IRS: How Will My Cryptocurrency Sales Affect My Taxes?

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Cryptocurrencies (also called altcoins or virtual currency) have seen some wild fluctuations in the recent past. For example, the value of a single full Bitcoin went from $10,000 to nearly $70,000 and then back down to $20,000, all within the span of two years.

Some people have realized huge profits and others have lost thousands (or more), but not everyone has considered the tax ramifications of those sales. The Internal Revenue Service considers cryptocurrencies to be property. That means a variety of taxes likely apply to your altcoin transactions, whether you sell your virtual currencies or use them to pay for goods or services.

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bookkeeping tips for small business

10 Bookkeeping Tips for Small Businesses

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Keeping up with accounting tasks can be demanding for any company or organization, but it is especially overwhelming when you run a small business and handle the bookkeeping yourself!

To prevent things from getting out of hand, it’s smart to implement a foolproof system that makes sense for your company’s size, revenue, and industry, while also accommodating your busy schedule. You want to use a simple, effective process that allows you to track and record all finances related to your business quickly and easily. This way, all your expenses, invoices, deposits, and other financial information will be neatly stored and accounted for once tax season arrives in the spring.

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earned vs unearned income

Earned vs. Unearned Income: What’s the Difference?

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When it comes to filing taxes, the distinction between earned and unearned income might seem like a minor one. However, the IRS doesn’t think so, and if you mix up earned and unearned income on your tax returns or forget income sources of either type, you could end up with a lot of tax problems on your hands.

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Mayor Pugh

Former Mayor Pugh: A Lesson in What Not to Do With Taxes

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Recently, a grand jury indicted former Mayor Catherine Pugh in federal court on 11 different counts, three of which were tax crimes: one count of conspiracy to defraud the United States and two counts of tax evasion. Within days, she pled guilty to four charges.

At S.H. Block Tax Services, we believe there are valuable lessons for all Marylanders on what not to do with your taxes. Read more

lower tax bill 2019

5 Tips for Lowering Your Tax Bill in 2019

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Federal tax laws are continually changing, and it’s becoming harder to optimize your tax return. While recent tax changes have eliminated some of the breaks and deductions available to taxpayers, there are still ways you can legally reduce your tax obligation. In this article, we’ll discuss five tips for lowering your 2019 tax bill and how S.H. Block Tax Services can help. Read more

Scheduling Estimated Quarterly Tax Payments

Schedule Your Estimated Quarterly Tax Payments to Avoid Penalties

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The deadline to submit your fourth quarter estimated tax payment is due on January 15. If you’re worried about forgetting the deadline amid the hustle and bustle of the holiday season, you can schedule your estimate tax payments in advance.

In this blog, we discuss how paying estimated quarterly taxes ahead of the deadline can save you time, stress, and money — and also how an experienced Maryland tax lawyer can help if you’re struggling with tax liabilities. Read more

Year-Round Tax Planning

The Benefits of Year-Round Tax Planning and Organization

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For many individuals and companies, taxes are something you only worry about in March and April as you rush to file and cross your fingers for a large return. If this sounds familiar, it’s time to look into year-long tax planning.

Tax-planning is the practice of considering how your taxes affect your overall financial situation and goals. By organizing tax-related documents as you acquire them (or by working with a bookkeeping service), you can tax plan all year long and stay on top of your financials.

Keep reading to learn how organizing your tax documents and strategizing your taxes year-round is both easy and highly beneficial for all taxpayers. Read more

IRS Tax Fraud Crackdown

The Downside of Recent Tax Fraud Crackdowns

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If you’ve been wrongly accused of tax fraud or tax identity theft, you’re not alone. The IRS has been cracking down on tax scams, and while their efforts have drastically decreased instances of legitimate fraud, they’ve also managed to accidentally catch innocent taxpayers in their web.

Keep reading to learn more about IRS efforts to decrease tax fraud, how to help legitimize your tax actions, and what to do if you’ve been wrongly accused. Read more

Surviving a Tax Audit

The 2019 Audit Survival Guide: 6 Tips for Surviving a Tax Audit

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Receiving any notification from the IRS can be stressful, but receiving a notice that you’re being audited is enough to make anyone panic. The IRS conducts audits for any number of reasons — and not necessarily because you have done anything wrong. However, even if you are sure that you have nothing to worry about, you still need to take an IRS audit seriously and consider hiring a tax attorney if you think there is anything the IRS could misconstrue.

In this article, we’ll provide a little background on why the IRS may have chosen you for further scrutiny and then offer six tips for surviving your tax audit. Read more