Running a business often comes with financial ups and downs. Sometimes, expenses exceed revenue, resulting in a business loss. While this can be challenging, it’s important to report the loss correctly on your tax return. Properly claiming a business loss can help reduce your tax liability or even result in a refund. Understanding how to […]
Affordable Newsletter – January 2025
Unfiled Tax Returns: What You Need to Know Filing tax returns is a fundamental responsibility of every taxpayer, yet many individuals find themselves with unfiled tax returns. This issue is not just a financial inconvenience—it carries significant legal implications. The IRS has robust mechanisms to address unfiled returns, and ignoring this obligation can lead to […]
Who is Best to Help with Back Taxes?
Struggling with back taxes can feel overwhelming, but the right professional help can make all the difference. Whether you owe a small amount or are facing significant tax debt, knowing who to turn to can save you time, stress, and money. From certified tax professionals to specialized tax relief companies, this guide explores the best […]
What is IRS Penalty Abatement?
The IRS imposes penalties on taxpayers for various reasons, including failing to file a tax return on time, failing to pay taxes owed, or providing inaccurate information. However, the IRS also offers penalty abatement—a process that allows taxpayers to request a reduction or removal of certain penalties under specific circumstances. Understanding how penalty abatement works […]
2025 IRS Mileage Rates
The IRS mileage rates for 2025 have been announced, and these updates are crucial for taxpayers and businesses that rely on mileage deductions. Whether you’re using your vehicle for business, medical purposes, charitable activities, or moving expenses, understanding the latest rates can help you maximize your deductions and stay compliant with tax laws. What Are […]