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Interesting & Useful Articles on Tax

Articles on Tax You May Find Useful

To shine a different light on the subject, and in story form, we have included some interesting articles that cover specific subject in the field of taxes with real examples that you can align with and hopefully learn from. This is their intent and objective, so without further ado, here they are:

Is the Obamacare Tax Penalty Dead?

By Dave Horwedel, EA

Obama CareAs a practical matter the Affordable Care Tax Penalty is dead. Legally it still exists and is the law of the land, but if the taxpayer does not wish to pay the penalty, he does not have to.

When Obamacare was launched on March 23, 2010, one of its features was it would start penalizing taxpayers for not having minimal essential health coverage. These penalties were phased in and then increased on a gradient over time.

The tool to enforce the penalty was the IRS. Taxpayers would report on their…

How to File an Amended Tax Return

By Dave Horwedel, EA

Of course we all want the original return to be perfect. But sometimes you receive data that changes the return after you have filed. Maybe you made a mistake. Maybe your tax preparer did. Maybe you falsely reported income on your return, and realize you could be caught. What do you do? File an amended return!

An amended return is done to correct or make changes in an original tax return. If you made a mistake in your filing status or failed to take a deduction or apply for a credit, you can file…

What is Self-Employment Tax?

By Dave Horwedel, EA

If you’re self-employed, you pay the self-employment tax on your income. This tax applies to sole proprietors, partners, or LLC members. It does not apply to Corporations.

The self-employment tax is the government’s way of collecting Social Security and Medicare taxes from your self-employment income. Tax owed is in addition to any income tax. In 2015, the Social Security tax is 12.4 percent on the…

What is an Enrolled Agent & Do I need one?

By Dave Horwedel, EA

“An enrolled agent (or EA) is a federally authorized tax practitioner empowered by the U.S. Department of the Treasury to taxpayers before the Internal Revenue Service (IRS). Enrolled agent status is the highest credential awarded by the IRS.”

If you were going to court and were potentially liable for tens of thousands of dollars or even jail, would you hire an attorney? Or would you represent yourself?

If you had to prepare documents that would determine if you were owed thousands of dollars, or had to pay out…

The Hidden Costs of Payroll and Bookkeeping

By Dave Horwedel, EA

The visible costs of Payroll and Bookkeeping can be truly daunting. These two areas have been the bane of many small business owners. The visible costs include not just the cost of the service, but also the cost of not doing it right. All too often, the small business owners get into tax trouble because of their books. They cannot file a timely return, or files an inaccurate one, and winds up with heavy tax penalties. Or perhaps he has tens of thousands of dollars of perfectly legitimate expenses disallowed because his bookkeeping did not support them.

Payroll can be even worse. The penalties for not forwarding payroll taxes are brutal. Every small businessman has heard these horror stories. The vigor of the IRS in…

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I got a letter from the IRS correcting my 2013 return. I did not understand it and was not sure how to fix my return. It was only $200 more, but I was worried . I took it to Dave. He found the mistake the IRS had found and told me how he would correct it. It made sense. He then reviewed the rest of my return, found another error, filed an amended return, and I get a $5,000 refund on 2013. Then he reviewed 2014 and did an amended return, and I get another big refund. Dave is now my “go to” tax guy.
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