USTaxAid Services

These days, it seems like there are two types of business owners: Those that are closing their business or are about to, and Those that are making more money then ever before. In Category #1: There are a couple of reasons why the business owners are closing down. It could be that they realize it’s ...

Finally some good news from the IRS. They are going to file fewer tax liens. The IRS files tax liens against property when there are unpaid taxes. Currently, they file liens automatically when there is past due tax of $5,000 or more. They will be increasing the threshold to $10,000. They also have stated that ...

Blame it on new hires with inadequate training or blame it on untested computer programs that went live too soon. Whatever the reason, the IRS is making some big mistakes these days. Here are just a few of the ones that we’ve dealt with at US TaxAid Services this week: • One client had an ...

Just when you thought you had your business structure dialed in, here comes one more issue to worry about – self-employment taxes and your LLC. This is even more confusing because we have some conflicting guidance from the IRS. First, of all, let’s look at the two types of LLC that you may have. It ...

It’s always interesting to hear Democrats and Republicans talk specifically about the same tax reform and amazingly, agree! And it’s especially interesting to me because they are talking about something near and dear to my heart – significant tax reductions for C Corporations. Before you think that’s only going to help the fat cat big ...

The IRS has released their ‘average’ write-offs based on income. There is no hard and fast rule on how much you can deduct before the audit bells go off, but usually you’re safe if you stay at or under the average amount. Adjusted Gross Income under $15,000: Taxable income is $2,739, Interest Expense is $8,838, ...

Ever get the feeling that someone is watching over your shoulder? Well, chances are the IRS hasn’t wire-tapped your phone or installed little spy cameras in your office. But you could be doing something very innocently that could cause you a lot of trouble down the road. I’m talking about innocently signing up to get ...

There are two big sales problems that a business can have: Not enough sales Too many sales In this case, I’m not talking about fulfillment, client satisfaction, shipping, production, or any other non-financial concern. They are important issues though, just not the topic today. Today I’m talking about your business finances. When it comes to ...

There are a lot of tax proposals floating around these days. At this point, don’t count on any of the following passing, but it is helpful to know what could be coming down the road. Currently being discussed as part of the Debt Ceiling conversation: Reduced tax deductions and reduced tax brackets. On the surface, ...

In Tax-Free Benefits, we have over 30 pages of tax-free and almost tax-free benefits you can take from your business. Before you jump in, and start gifting yourself all kinds of bling bling and bennies of the Rich & Famous, there are two things you must consider first: Discriminatory vs. Non-Discriminatory Plans Type of Business ...