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Understanding the IRS’s Methods for Pursuing Back Tax Returns

Facing back tax returns can be a stressful and overwhelming experience for individuals and businesses. When taxpayers fail to file their tax returns or pay their taxes on time, the Internal Revenue Service (IRS) has various methods for pursuing compliance and ensuring that taxpayers fulfill their tax obligations. In this article, we’ll explore how the…
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A Comprehensive Guide to Resolving Back Tax Returns

Dealing with back tax returns can be a daunting and stressful experience for individuals and businesses alike. Whether due to oversight, financial hardship, or other circumstances, failing to file tax returns on time can lead to various consequences, including penalties, interest, and potential legal actions by tax authorities. In this comprehensive guide, we’ll explore the…
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Maximizing Tax Savings: Understanding the Self-Employed Health Insurance Deduction

For self-employed individuals, navigating the complexities of tax deductions can be a daunting task. However, one valuable deduction that can lead to significant tax savings is the self-employed health insurance deduction. This deduction allows self-employed individuals to deduct the cost of health insurance premiums from their taxable income, thereby reducing their overall tax liability. In…
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Understanding the IRS Mileage Rate for Self-Employed Individuals

  For self-employed individuals who use their vehicles for business purposes, keeping track of mileage and understanding the Internal Revenue Service (IRS) mileage rate is crucial. The IRS provides a standard mileage rate that self-employed individuals can use to calculate deductible expenses related to their business mileage. In this article, we’ll delve into the details…
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How and When to Contest Your CP2000 Notice: A Step-by-Step Guide

Receiving a CP2000 notice from the Internal Revenue Service (IRS) can be a cause for concern and confusion for taxpayers. This notice typically informs you that there is a discrepancy between the income reported on your tax return and the information reported to the IRS by third-party sources, such as employers, banks, or financial institutions….
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How to Avoid Capital Gains Taxes

  Handing over a portion of your investment profits in the form of capital gains taxes can be a bitter pill to swallow. However, savvy investors understand that there are strategies available to reduce, defer, or even eliminate these taxes legally. In this guide, we’ll explore effective methods to minimize capital gains taxes, from choosing…
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How the Federal Capital Gains Tax Works

Understanding the intricacies of the federal capital gains tax is essential for investors, business owners, and individuals alike. Whether you’re selling stocks, real estate, or other assets, capital gains tax plays a significant role in determining your overall tax liability. In this comprehensive guide, we’ll explore how the federal capital gains tax works, including its…
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Guide to the California Capital Gains Tax

Navigating the world of taxes can be a daunting task, especially when it comes to capital gains tax. For Californians, understanding the intricacies of the state’s capital gains tax is crucial for effective financial planning. Whether you’re an investor, business owner, or individual taxpayer, knowing how capital gains tax works in California can help you…
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What Is an IRS PTIN (Preparer Tax Identification Number)?

In the realm of taxation, professionals play a critical role in assisting individuals and businesses with their tax filings. To ensure accountability, accuracy, and compliance with tax laws, the Internal Revenue Service (IRS) requires tax preparers to obtain a Preparer Tax Identification Number (PTIN). In this article, we will explore what an IRS PTIN is,…
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Unlocking the Benefits of the Qualified Business Income Deduction

For small business owners and self-employed individuals, maximizing tax deductions is essential for reducing taxable income and increasing overall profitability. One such deduction that has gained significant attention in recent years is the Qualified Business Income Deduction (QBID). Enacted as part of the Tax Cuts and Jobs Act (TCJA) in 2017, the QBID offers substantial…
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