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7 Fundamental Components For Starting Your Small Business

Owning and operating a successful business can be one of the most fulfilling things one can achieve. You set your own hours, you’re your own boss, and best of all you’re building an asset for yourself. Starting a business though does not come without its challenges. The last thing a business owner wants after they have alleviated themselves of the initial stress of opening a business is to then deal with the stress of having tax issues. At Spaulding Legal APC we have seen countless cases where clients have become victims of tax issues based on specific things that were not put in place during the initial start up. Fortunately, there are steps that can be taken to avoid incurring tax issues after starting the business. In this blog, we will discuss the top seven components a new business owner should have to protect their business for the long haul.

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Find Out If You Are Extending The Time The IRS Has To Collect From You

How long does the IRS or state have to collect? This is one of the biggest questions taxpayers have about a tax debt. Although this is important to know, a more important question might be what events can extend the time the IRS or state has to collect. The reason this is important is that many taxpayers unknowingly end up extending the Collection Statute Expiration Date (CSED), the date when the debt expires. In this blog, we will discuss the events that can extend the CSED in more detail. If you are unfamiliar with the Collection Statute of Limitations, CSEDs, and other terminology related to this topic it may be worth reading our blog What You Need To Know About How Long The IRS Can Collect From You before continuing.

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Financial Disability Can Extend The Time For Claiming A Refund

It is hard to imagine someone missing out on claiming a refund that is owed to them. After all, that is money that could be used to offset bills, pay for education, or save for retirement. However, from time to time, taxpayers fail to file a tax return for one reason or another. For the most part, the taxpayer can still get the refund so long as they file a return within three years. But, what happens if you don’t? Unfortunately, for most taxpayers the refund is barred after three years. But for a few, there may still be some hope. In this article, we will explore the meaning of “Financial Disability” and how taxpayers may still be able to get a refund that falls beyond the three year mark.

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What You Need To Know About How Long The IRS Can Collect From You

Owing taxes to the IRS, FTB, EDD, or CDTFA can seem like an endless uphill struggle with no end in sight. What most taxpayers don’t realize is that each of these taxing authorities actually has a set date for when they can no longer legally collect the tax debt from the taxpayer. In this blog, we will discuss the length of time each taxing authority has to collect the tax debt, how the expiration date can be tolled (extended), and how this date can affect options for resolving the tax issue.

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Income Tax Brackets and How Your Money Is Taxed

There are only two things certain in life, death and taxes. Though most people have probably heard this several times before, there is still a great misunderstanding of how our tax brackets work. So, it seems only fitting to clear up any misconceptions about one of the two certainties in life.

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What You Need To Know About An IRS Levy and How To Get It Released

Many taxpayers facing a levy from the IRS, after receiving a Final Notice Of Intent To Levy, need to be aware that a levy can reach beyond their bank accounts or wages. In this blog we will be discussing the different types of collection action that falls under the term levy and what can be done to avoid them.

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Important Steps You Need To Know For The IRS Penalty Abatement Process

Penalty abatement is an option that may be available to remove IRS penalties that have been assessed to a tax debt. However, not everyone qualifies for penalty abatement. Also, not all penalties are eligible for penalty abatement. Some of the most common penalties that are able to be abated are failure to file, failure to pay, and failure to deposit estimated tax. In this blog, we will discuss the penalty abatement process from start to finish.

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Three Common Reasons For Requesting Reasonable Cause Penalty Abatement

If you have ever owed the IRS money for previous tax years then you are probably familiar with the penalties and interest that come with it. The IRS routinely assesses additional penalties on top of the tax debt, whether it’s from a late filed return, late estimated tax payments, or the balance due goes unpaid for a length of time. As you can imagine, these penalties can start to add up pretty quickly. Luckily, there are options for having those penalties removed, one of which is reasonable cause penalty abatement (RCPA). In this blog, we will discuss what circumstances qualify a taxpayer for reasonable cause penalty abatement (RCPA) and what needs to be included in the abatement request. It is also important to note that you do not lose anything by submitting a penalty abatement request, making it worthwhile to always try so long as it’s not a frivolous submission.

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How To Qualify For IRS Penalty and Interest Reduction or Removal

If you are dealing with a tax issue or have ever dealt with a tax issue in the past, you probably are aware of the additional penalties and interest that get tacked on. In this blog, we will discuss when it is possible to have the penalties removed/reduced (abated) from the tax debt. In addition, we will go over the accumulation of interest and what options, however limited, may be available.

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