Posts

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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Marriage and Taxes

For Better or Worse: How Marriage Affects Your Tax Status

Most people don’t have taxes on the brain when they decide to settle down permanently with their romantic partner, but that doesn’t mean your nuptials won’t affect your tax standing.

To mark Valentine’s Day, we’d like to share with you the many tax benefits (and a few potential drawbacks) of tying the knot as well as some helpful information about maximizing your refund or minimizing your tax liability. If your tax filing status has recently changed and you’ve got questions, please contact S.H. Block Tax Services for help.

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Sports Gambling

How Will Legalized Sports Gambling Affect Your Taxes?

Although Maryland House Bill No. 989 failed to pass and legalize in-state sports betting in 2018, industry experts believe betting on sports will become legal in our state sooner rather than later, and it could have a major impact on Maryland’s economy.

In fact, with the flurry of legislative activity surrounding legalized sports betting in the United States over the past year, it seems the question isn’t if Maryland will someday have legal sports gambling, but rather when. But what would legalization mean in terms of taxes for the lucky winners (or unlucky losers)?

Keep reading to learn more about state-sanctioned sports gambling and find out how it could affect Maryland residents and their taxes. Read more

Quarterly Estimated Taxes

Quarterly Taxes Are Due Next Month — Are You Prepared?

For independent contractors and small business owners who pay quarterly taxes, another important date is right around the corner. The final quarterly payment for 2018 income taxes is due on January 15, which is now less than one month away.

Some contractors and business owners struggle to budget throughout the year or fail to keep accurate records of their financial transactions. Those mistakes can cause major issues when taxes come due, which can in turn lead to unnecessary fees and penalties.

Keep reading to learn more about quarterly taxes, including how you can file and pay accurate taxes on time at crucial dates throughout the year. Read more

Nonresident Income Tax Returns

Do I Need to File a Nonresident Income Tax Return?

Many people who live in Maryland work in other states, and many people who live in other states maintain employment here in Maryland. This is true of full-time, part-time, and self-employed individuals, and it’s especially common for residents of the greater Baltimore area. Living and working in two different areas can make things a bit tricky during tax season, so we want to clear up any confusion and make things as simple as possible for you when it comes time to file your returns this spring.

Keep reading to learn more about nonresident returns, including when you’re required to file a nonresident return and even some instances where people who live and work in different states are not required to file a nonresident return. And, as always, if you have any questions about your filing status or other issues, please reach out to our team at S.H. Block Tax Services for help. Read more