1-800Accountant Blog

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Q2 Estimated Taxes Deadline Approaching

Summer is just around the corner, which means a lot of things are on the horizon… graduation parties, Father’s Day, and the end of Q2 for most businesses. Individual taxpayers can breathe a sigh of relief until next April. However, small business owners and those that are self-employed must remember that the Q2 estimated taxes […]

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Home Office Deduction: What Are the Risks?

If you meet the requirements to take a home office deduction, it might seem like a no-brainer to take it, right? Not so fast. While this deduction can certainly provide a lot of value to your bottom line come tax time, it’s not always in your best interest. There are many variables that you need […]

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You Received an Audit Notice, Now What?

As a small business owner, you probably have a list of things you hope never to experience; things like bankruptcy, litigation, and the dreaded IRS audit notice. Though the chances are slim, an IRS audit can happen to any small business owner. Sometimes they’re triggered by a mistake or unusual reporting on your tax return, […]

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What Is IRS One-Time Forgiveness?

Did you get hit with some unexpected IRS tax penalties? If you’re in a financial bind and you meet specific criteria, the IRS has options to help you. One-time forgiveness allows certain taxpayers to explain how they may have made errors in their tax filing that resulted in penalties and fees and receive forgiveness.  The […]

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4 Common Causes of IRS Audits

For small business owners and taxpayers, one of the most inconvenient things to happen is to receive a notice of an IRS audit. For many people, it’s not always clear right away why they were chosen for an audit. It can feel totally random and even a bit unfair.  The truth of the matter is […]

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How Are Sole Proprietorships Taxed?

It’s an understatement to say that small business owners, especially new ones, have a lot on their plates. From marketing and team supervision to managing payroll and bookkeeping, there’s a lot to take on! However, one of the most important things a small business owner does is ensure their taxes are paid on time every […]

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How to Maximize Your HSA

Putting money in your HSA can be helpful for medical expenses. But did you know there are also tax advantages to having an HSA? You can use it as an investment tool and name beneficiaries for the funds. Here’s what you can do to maximize your HSA. 1. Maximize HSA Contributions The first strategy you […]

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The Most Overlooked Tax Breaks and Deductions for Retirees

Regardless of age, working folks will always have one thing in common: the need to file taxes every year like clockwork. And somehow, it’s already that time of year again, where a tax filing can either result in a nice chunk of change in the form of a refund, or a stressful tax bill.  It […]

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Common IRS Tax Scams – How to Avoid IRS Imposters

Tax season is in full swing, which means there are documents to gather, deductions to account for, and forms to file. However, one more thing taxpayers, business owners, and financial institutions must be aware of are IRS tax scams in which con artists impersonate the government agency. Unfortunately, there is no shortage of criminals that […]

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Tax Credit vs. Tax Deduction: What’s the Real Difference?

The difference between a tax credits and tax deduction is something that can often be misunderstood. Their purposes have a similar end result, and both can play a significant role when you file taxes (namely, to save you money as a taxpayer), which makes knowing their differences crucial. Here are the fundamental differences between tax […]