Understanding IRS Audit Rates and Top Triggers for an Audit

The recent influx of new funding for the IRS is poised to increase audit rates. Currently, the IRS audit rate stands at under 1%. While this might sound reassuring, it’s important to understand the potential costs associated with...

If you're using payment apps like PayPal, Venmo, or Cash App, you need to pay close attention.

As you probably know, the IRS has made some major changes to the new 1099K reporting rules, and it could have serious implications for you as far as IRS tax reporting goes.

But don't worry, I've got...

Hey, everyone. It's June 2024. I wanted to let you know about what's going on with the IRS as far as them sending out incorrect CP14 notices.

Now, if you don't know what that is, it's an IRS notice sent to taxpayers informing them that they owe money on unpaid taxes. It provides details about...

Tax season just ended and one of the number one questions that I've been getting is with people who end up owing the IRS when they get the results of their tax return back.

And the reason they owe is because they haven't withheld enough Federal withholding taxes from their employer. In other...

Today, I wanted to address a common mistake with S Corporations, and how owners/shareholders often incorrectly deduct their health insurance premiums.

I'll give you a high-level overview of how this works within an S Corporation structure – no deep dive, just the essentials you need to...

If you owe any amount of money to the IRS, I'm pretty certain there would be penalties included in the tax-due amount. These penalties can add up, sometimes even doubling the amount due.

In this blog post, I'm going to share a little-known secret to getting those penalties abated with a simple...

Tax day is right around the corner and suddenly you realize you're not quite ready to do your taxes. So the idea of filing a tax extension comes into consideration. It's a very common scenario, but is that the best decision for your situation?

Let's dive in and discover if filing a...

Filing your taxes shouldn't be difficult, and unless it's complicated, it shouldn't be too expensive either. If you think tax filing is a hassle and expensive, I've got some good news for you. There are some free and user-friendly options that can make this process much smoother. However, there...

If you're reading this blog post, you've probably received an IRS Form 1099-K, and you want to know what to do with it.

Can you ignore it, or do you need to report it on your tax return?

Short answer, you do need to report it on your tax return or face receiving a nasty letter from the IRS with...

In today's blog post, I've got something special for you -- a YouTube video where I'm sitting down with Michael Sullivan, who's not just any tax expert. He's a former IRS Agent and a familiar face on News Maxx, Fox News, and ABC, just to name a few. 

He was an IRS insider for over a decade....

Business owners know tax season can be a bit of a drag. But I've got something that will make it a whole lot better! I'm excited to introduce you track1099.com in today’s blog—a real lifesaver for filing your 1099 tax forms.

So What is Track1099?

Track1099 is a...

Today, I have a good story for you. It’s about a young professional named, Karen, who thought she had taxes all figured out  until tax season rolled around. Her mistakes were a bit costly, but they're also incredibly common.

Karen was doing well, living her best life. She had just...