Tax Facts

Information to help individuals and small business navigate our complex Tax Laws. Not to be construed as tax advice. Contact your hired tax advisor for your specific tax situation and advice.

Keeping Your Identity Safe

As an Enrolled Agent, I like to educate my clients not only about tax issues but issues that impact the tax arena. Identity theft is one of them, so look forward to seeing tips from me about how to keep your personal and financial information safe.

 

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IRS Collections

If You Get an IRS Notice or Bill

First, open it.  If you agree with the information on the bill, pay the amount before the due date.  If you don't agree with the information on the bill, or you don't understand the notice or bill, we can help.  We can explain the bill to you and can call the IRS on your behalf.

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Hobby or Business?

So, you have a "side business" and it happens to be something you haven't made money on...yet.  Sure, you plan on making money someday.  But at the end of each year so far, your expenses turn out to be more than you took in.  If that goes on for too long, the IRS looks at your "side business" as really just a hobby and therefore subject to Hobby Loss rules.

Classifying what you do as a hobby really has little to do with what it is that you're doing - as long as it's legal, of course.  You could be making cupcakes or making cars; it doesn't matter.  What matters is the presumption of a profit-seeking motive. In other words, you are presumed to be engaged in an activity for profit if you can show a profit in at least three of the last five years, including the current year.

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Combat Zone Relief

Are you currently on active duty? A taxpayer serving in a combat zone may qualify for relief from certain IRS compliance actions, such as audits or enforced collections, until 180 days after the taxpayer has left the zone.

Do You Qualify?

If you are currently serving in the military and are stationed in a combat zone and received a notice from the IRS, you can notify the IRS of your status.  Provide to the IRS your name, address and date of deployment to the combat zone.  As always, never include sensitive personal information in an email, such as your social security number.  This notification can be made by an authorized agent or representative, such as an Enrolled Agent.

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