Tax compliance is more than just a routine obligation—it’s a safeguard against mistakes that could upend your life and business. Yet, every year, stories emerge of business owners and individuals who take shortcuts, trust the wrong advisors, or engage in outright...
Michael Hogberg, EA
Year-End Tax Planning: Protect Your Business and Maximize Savings
Takeaway: Getting a clear view of your tax position before the year ends provides clarity, reduces stress, and positions your business for continued success. With the guidance of a dedicated tax advisor, you can turn tax season into a strategic opportunity rather than...
VOTE! – Like your tax bill depends on it!
Today is Election Day—an invaluable opportunity to collectively influence policies that shape the financial landscape for business owners and individual taxpayers alike. As you consider tax strategies for the coming year, remember that voting also plays a critical...
Proactive Tax Planning is Essential for Business Owners
As the end of the year approaches, business owners may find themselves tempted to hold off on tax planning until tax preparation season. But waiting until it’s time to file returns is a mistake that often proves costly. Strategic planning throughout the year,...
Received IRS Letter 11? Here’s What You Need to Know and How We Can Help
If you’ve received IRS Letter 11, the Final Notice of Intent to Levy, the IRS is preparing to take serious action to collect unpaid taxes. This letter is a clear warning that your wages, bank accounts, or other assets may be levied (seized) if you don’t act fast....
The Importance of Properly Classifying Workers and Paying Employment Taxes
Properly classifying workers, withholding the correct taxes, and timely filing and paying employment taxes are fundamental responsibilities for any business owner. Failing to do so can lead to serious legal consequences, as evidenced by a recent IRS Criminal...
How Long Should You Keep Tax Records? A Guide to Record Retention
The length of time you should keep a document depends on the action, expense, or event which the document records. Generally, you must keep records that support an item of income, deduction, or credit shown on your tax return until the period of limitations for that...
The 4th Quarter Is Here!
Is Extending Your Tax Return the Right Move? As we continue to progress through the year, many taxpayers are relying on extensions to file their returns by October 15. While extensions can be useful for some, they may not always be in your best interest. Filing an...
Lessons from a Recent Court Injunction: Protect Yourself from Unscrupulous Tax Preparers
A recent case in Ohio highlights the risks of working with dishonest tax return preparers and the severe consequences they face for manipulating tax filings. In this instance, an Ohio tax return preparer and his businesses were permanently barred from preparing...
Lessons from a Recent Tax and Loan Fraud Case: Avoiding Costly Mistakes
A recent case in Arizona highlights the severe consequences of misusing federal assistance programs and falsifying tax filings. This case serves as a critical reminder for business owners and individuals of the importance of honesty and accuracy in all dealings with...