An IRS audit; three words that can create stress and anxiety for taxpayers. Never ignore an IRS audit notice. Here’s what to expect and how to prepare.
Business owners may be able to deduct the entire price of equipment in the purchase year, instead of depreciating it across years. Section 179 of the IRS Code details how it works.
An Offer in Compromise is an agreement between a taxpayer and the IRS to settle tax debt. It may allow you to settle the debt for less than you owe.
The IRS considers both parties jointly liable for any tax due on a joint return. However, if you disagree, you may qualify for innocent spouse relief.