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Discharging Tax Debts in a Bankruptcy

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

What Is the FirstTime Penalty Abatement Policy? 

Depending on your circumstances, you could be eligible for administrative relief from tax penalties under the IRS’ first-time penalty abatement (FTA) policy.  Read more

determining income-type

What Is the Saver’s Tax Credit and How Does It Work?

The current economic and political climate is making it difficult for average Americans and their families to save for retirement. However, retirement savings are a vital element of any good financial plan, and there are special tax incentives for making contributions to a retirement plan.   Read more

offer-in-compromise

How to Get the IRS to Accept Your Offer in Compromise

The Offer in Compromise (OIC) program is an IRS program designed to assist taxpayers who have substantial tax debt and are unable to pay in full. Typically, the IRS (or state of Maryland) will negotiate a figure that is equal to the greatest amount they expect to recover over a reasonable time frame but less than what the taxpayer actually owes.  Read more

notice from the IRS

Handling a Notice from the IRS the Right Way

Receiving a notice from the IRS can cause immense stress before you even have the chance to open the letter. (Note: The IRS will not call or email, so if you are receiving either, it is likely a scam.)  Read more

These Life Events Could Change Your Tax Standing

These Life Events Could Change Your Tax Standing

If you’ve experienced a significant life change over the last year, you’ll probably need to reexamine your tax standing, and you may be eligible for new deductions or tax credits as well. Keep reading to learn which types of life events could make an impact and how these changes could affect you as a taxpayer. Read more

small business tax attorney

5 Bookkeeping Tips for Small Businesses

Keeping up with accounting tasks can be demanding for any business, but if you run a small business and handle the bookkeeping yourself, things can get overwhelming in a hurry!

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 and that also works for your busy schedule. You want to create 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 all be neatly stored and accounted for once tax season does arrive in the spring. Read more

Disability Tax Credits

Certain Disabilities Might Qualify You for the Earned Income Tax Credit

Elderly individuals and people with certain physical or mental disabilities that limit or prevent them from working are likely eligible for tax credits, including an increased standard deduction, credits for child and dependent care, and the earned income tax credit (EITC). These credits could significantly decrease ― or even eliminate ― the amount owed in taxes. Read more

determining income-type

Determining Income Type (Earned and Unearned)

When it comes to filing taxes, the distinction between earned and unearned income is an important one ― especially to the IRS. Read more

Filing an Extension for Your Tax Returns

Filing an Extension for Your Tax Returns

What Is a Tax Extension?

Tax season can be one of the most stressful times of the year for most Americans, but it doesn’t have to be ― especially not when you can get an extension and buy yourself some additional time to file.  Read more

What Is The Difference Between Standard and Itemized Deductions?

What Is The Difference Between Standard and Itemized Deductions?

To receive the largest tax break possible, taxpayers should familiarize themselves with some fundamental aspects of completing their taxes, including the difference between standard and itemized deductions. In most cases, you’re allowed to choose either method when filing your taxes, so it’s vital to determine which method is the best fit for your tax situation.

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