Is the Obamacare Tax Penalty Dead?

As 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. How does this work? How did it happen? When Obamacare was launched on March 23, 2010, one … Read more

How to File an Amended Tax Return

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 … Read more

What is Self-Employment Tax?

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 … Read more

What is an Enrolled Agent & Do I need one?

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.” Enrolled agent – Wikipedia, the free encyclopedia An enrolled agent is a person who has earned the … Read more

The Hidden Costs of Payroll and Bookkeeping

The visible costs of Payroll and Bookkeeping can be truly daunting. These two areas have been the bane of many small business owner. 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 owner gets into tax trouble because … Read more