How the IRS Knows If You Cheat on Your Taxes

Mailboxes are flooded with tax forms every year around this time, and many of them can be confusing, feel unnecessary or involve seemingly trivial amounts of money. But before succumbing to the urge to shove those pieces of paper into a drawer and pretend they don’t exist, beware — the IRS probably already knows what’s

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The 13 Financial Mistakes Killing Construction Firms

Many contractors struggle with their finances, simply because they fail to study the numbers and are unaware of their true financial situation. Often, it isn’t until after a project is completed that such contractors learn of their financial condition. Among the majority of construction business owners, one common financial misstep is not tracking and understanding

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What Houstonians need to know before filing taxes!

Starting Jan. 27, the Internal Revenue Service will begin accepting tax filings for the 2019 fiscal year. But in Houston, where small businesses are plentiful and tax professionals number in the thousands, there are a few tips and tricks to getting your taxes ready before Apr. 15. Here’s how to pick a tax filing method

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Understanding Sales Tax Rules for the Construction Industry (Part 1)

Although most states do not impose sales tax on construction services, contractors must be aware sales tax rules when they purchase and bill for supplies that they use. Lump-sum contracts and time and materials contracts can create very different sales tax obligations. The construction industry consists of businesses that construct or make improvements to houses,

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3 Tax Resolution Strategies the IRS Offers

Taxes are a fact of life, but tax problems shouldn’t be. If you find yourself in tax trouble, the IRS has clear plans for how to proceed in collecting what they believe you owe. After sending you notices, the IRS can garnish your wages, levy your bank account, even put a lien on your property.

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Reporting a Gift from a Foreign Source

If the value of the aggregate “foreign gifts” (described below) received by a U.S. person (other than an exempt organization) exceeds specified amounts, the U.S. person must report each foreign gift to the IRS. (Code Sec. 6039F) These amounts are: a. More than $100,000 from a nonresident alien individual or a foreign estate (including foreign

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How Construction Businesses Can Prevent Profit Fade

What Is Profit Fade? Profit fade occurs when a business’s profit is less than what was expected. It is a phenomenon that can be found in a wide range of business sectors, but tends to occur frequently among construction companies. Profit fades are common among construction companies because of the dynamic nature of the industry,

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Best Strategies for Cash-Flow Management in Construction

According to a Kabbage survey of construction firms, 28% cited cash flow as the biggest challenge during their first year in business, outweighing finding new customers. As your business grows, the struggle to manage a positive cash flow may continue. Cash-flow gaps can affect your ability to pay bills, order inventory, pay employees and just keep your

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IRS Releases 2020 Tax Rate Tables, Standard Deduction Amounts And More

The Internal Revenue Service (IRS) has announced the annual inflation adjustments for the year 2020, including tax rate schedules, tax tables and cost-of-living adjustments. These are the numbers for the tax year 2020 beginning January 1, 2020. They are not the numbers and tables that you’ll use to prepare your 2019 tax returns in 2020 (you’ll find them here). These are

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Why This Should Be The Year You Pay Off Back Taxes

According to the IRS, more than 13.2 million Americans owe back taxes. The majority of these cases involve amounts that seem impossible to pay off. That leaves those tax-owing Americans in a difficult position. They want to pay, but they can’t, and the end result is feeling a lot of guilt about the situation.  There

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What is Currently Not Collectible Status from The IRS?

Big companies are known for getting all sorts of breaks, but when average people fall behind, they rarely receive help. When you owe back taxes, but can’t afford to pay them, then you may qualify for a special tax status known as currently not collectible. If you’re approved for currently not collectible status, then the

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4 Mistakes That You Don’t Want to Make When Filing Your Taxes.

(They Could Land You In Tax Trouble) It can be a stressful experience preparing your taxes and filing them. It can be even more stressful however, if you make these mistakes that land you into tax trouble. It’s important to remember that if you make mistakes that are serious enough, you might end up triggering

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