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Accounting

IRS Tax Payment Plans Make It Easier to Face Your Tax Bill

IRS Tax Payment Plans Make It Easier to Face Your Tax Bill

If you should find yourself in a position where you owe the IRS a good deal of money – don’t panic. You’re not alone. There are a lot of people who face the same situation. It could be because they didn’t have the cash available to pay the bill at the time, forgot to file tax returns in past years, or simply filed incorrectly. Luckily, the IRS has a simple way for you to pay your tax debt through their installment agreement plans. These IRS tax payment plans can help you avoid any unnecessary penalties and interest. The first step before requesting a payment plan from the IRS is to file all...

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How to Pay Your CPA Less

Every year, from now until April 15th, there will be endless articles about how to get ready to visit your CPA. I even considered writing one, but after seeing how many were out there, I decided that something else would be more valuable to my readers, an article telling them how to pay their CPA less this year. I come from the school of thought that I want to pay and treat service providers well. From the waitress at my favorite lunch place to the guy that fixed my chimney, I believe that if I treat them well and I am willing to pay a fair price for their service, whatever it is, they will...

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The Danger of Renting with Owner Finance: Possible Tax Consequences

A few years ago, I had a client in my office and we were working on his tax return. Let’s pretend his name is Larry. He had a couple rental properties and as we were discussing one of them, he said something that didn’t sound quite right. So after talking for a few minutes, Larry told me that the property in question was being rented with owner finance. I have spent most of my career working with clients involved in real estate, so I’m sure many of them already see the irony of that statement. You see, renting with owner finance isn’t a thing. In the real estate...

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One accounting number you MUST understand

As a CPA, several people have asked me, “What is the most important metric to tell how I’m doing in my business?” It’s actually a really important question. I’ve found that far too often, business owners don’t exactly know how their business is performing, or even how to figure it out. Sure, they usually have some idea, but far too often, it’s not more specific than “pretty good” or “not so bad.” You owe it to yourself to know where your business stands at all times. I do not understand how owners can make good business...

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