Tax FAQs

How does the Innocent Spouse Relief affect a Jointly Filed Tax Return?

When a married couple files a joint tax return, each spouse is legally responsible for the entire tax liability, even if only one of the spouses is responsible for the failure to pay. Known as joint and several liability, this legal concept still applies after a divorce and even in cases of misrepresentation or fraud.  Read more...

How to Defer, Avoid Paying Capital Gains Tax on Stock Sales?

The markets are hitting all-time highs, so if you are thinking of selling stocks now or in the near future, there is a good chance that you will have capital gains on the sale.  Read more...

How to Minimize Your Tax Audit Risks?

Clients often ask many questions, but one of the most frequent of them is, “will taking a deduction for (fill in the blank) flag my return for an audit?” Of course, the answer is often a qualified “yes”.  Read more...

What Could Trigger a Business Audit?

If you are a business owner, there is always a small – but real – possibility that you will be selected for an audit.  Understanding the chances of an audit and what the Internal Revenue Service may pay particular attention to can help you during an audit, if and when one occurs.  Read more...

What Happens If I Don’t Pay My Taxes?

According to the IRS, taxpayers are required to file an income tax return “for any year in which a filing requirement exists,” based on factors such as age, filing status and income. Even when a return is not required, there are often compelling reasons to file anyway.  Read more...

What Is the IRS Up to with Tax Audit?

When you look at the statistics, you need to be aware of how the IRS defines an audit. You may think that an audit requires an IRS agent to come to your home or office and pour through your records, but the majority of IRS audit  Read more...

What Questions Should Ask Yourself Before Selling Your Business?

Here are some key questions to consider before you put your business on the market.  So, you’re ready to sell your business?  There are many things to consider before you put your business on the market if you hope to reap the benefits of a successful sale.  Read more...

When Should You Switch Your Side Hustle to a Business Entity Structure?

Starting a side hustle today is easier than ever. Between the numerous websites that act as marketplaces and project jobs that can be found on the internet, almost anyone can turn a skill or hobby they have into something they can make money off.  Read more...