Category: All Blogs
Category: All Blogs
How “DAWSON” and Tax Court Can Help Keep the IRS in Check
What is This Offer in Compromise I’ve Been Hearing About?
by Dave Horwedel, EA and CEO of Torchlight Tax. Overwhelmed by IRS debt? Wondering if you can pay off the IRS for less? An Offer in Compromise (OIC) could potentially erase most of your IRS debt—legally. An IRS Offer in Compromise is a legal settlement where the IRS...
I Can Do Partial Payments to the IRS?
by Dave Horwedel, CEO of Torchlight Tax. Today I am going to explain the IRS Partial Pay Installment Agreement, or PPIA. Most taxpayers have never heard of it, but it can be an effective tool for reducing IRS debt. A Partial Pay Installment Agreement is a payment plan...
You Mean I Can Get a Payment Plan to Get the IRS Off My Back?
by Dave Horwedel, EA and CEO of Torchlight Tax. An IRS payment plan, also known as an Installment Agreement (I/A), is an agreement with the IRS to pay your back taxes in monthly payments instead of one big lump sum. A streamlined installment agreement is the easier,...
Federal Court Finally Voids COVID Penalties?
by Jim Daloisio, Director of Legal Services at Torchlight Tax. A federal court has ruled that the IRS exceeded its authority and improperly charged penalties and interest during the national COVID-19 emergency from 2020 to 2023. The court found that 2019 federal law...
I’ve Never Heard of a PLLC. What Is It?
by Jim Daloisio, Director of Legal Services for Torchlight Tax. A PLLC is a Professional Limited Liability Company. It’s a special type of LLC designed specifically for licensed professionals—like doctors, nurse practitioners, dentists, chiropractors, veterinarians,...
You Are Not the Only One Who Hates Quickbooks
by Dave Horwedel, CEO of Torchlight Tax. Many business owners hate QuickBooks. In my book, it is not the best bookkeeping software. One problem is that it can be hard to use. Another problem is that it allows untrained bookkeepers to make a total mess of their books....
S Corp Accounting: The Road to More Profits and Lower Taxes
by Dave Horwedel, CEO of Torchlight Tax. Want to increase your profits and lower your taxes using your S Corporation? You are watching the right video! Most business owners think accounting is something you do at the end of the year for taxes. That’s a mistake. This...
So What is a Balance Sheet Again?
by Dave Horwedel, CEO of Torchlight Tax. If you don’t understand what a balance sheet is, you will likely find conversations with your accountant confusing, and you won’t be able to use your balance sheet as a tool to expand your business. A balance sheet is a...
How Can I Obliterate IRS Penalties?
by Dave Horwedel, CEO of Torchlight Tax. Drowning in IRS penalties and interest and feeling like there’s no way out? A lot of people think IRS penalties are carved in stone. They’re not. In many cases, there are legal ways to reduce or even eliminate your penalties —...
Tax Credits and Tax Deductions: Which is Better?
by Dave Horwedel, CEO of Torchlight Tax. A tax deduction is good. A tax credit is usually much better. Many taxpayers hear the words tax deduction and tax credit and think they are basically the same thing. They are not. A tax deduction reduces the amount of income...
Use Your Bookkeeper or Accountant to Actually Make More Money
by Dave Horwedel, CEO of Torchlight Tax. Most business owners think of bookkeeping as an expense. But if you use it correctly, your bookkeeper or accountant should help you make more money, keep more money, and pay less in taxes. Bookkeeping is not just about entering...
Hey, What Happened to My Deductions on My Tax Return?
by Dave Horwedel, CEO of Torchlight Tax. You think you have all these great deductions, but you do not see them on your tax return. You are told you can deduct your home or your new SUV, but they just do not reduce your taxes the way you expected. One of the most...
Tax Credits vs. Tax Deductions
How to Make Money from Your Bookkeeper or Accountant
Why Your Deductions Do Not Show Up on Your Tax Return
What is an IRS Notice CP3219A, Statutory Notice of Deficiency?
What to Do If You Haven’t Paid Your Payroll Taxes
How to Donate to a Church or Charity
by Dave Horwedel, CEO of Torchlight Tax. Want your donations to your church or favorite charity to actually count as tax deductions? If you want the IRS to treat your donations like real charitable contributions, you have to do two things: donate the right way, and...