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As a business owner, there are several circumstances in which you may need to determine how much your company is worth. The value of a business cannot be determined by the company's financial statements alone. A business's value is dependent on many factors, including its assets, liabilities, profitability, and growth potential. These factors are constantly changing and must be evaluated by a qualified and experienced CPA.
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A common misconception people have is that if they haven’t filed taxes in over 10 years, they can file for bankruptcy and not be held responsible for their unpaid taxes. That is not the case. Filing for bankruptcy does not guarantee that your taxes will be discharged, and it can complicate the process of getting back on a positive financial track.
The end of the year is a busy time for many people, and as a result, tax planning often gets pushed to the side. Don’t let this happen to you, as year-end planning can save you a significant amount of money. Tax planning is the process of creating a financial plan to maximize your tax return and ensure you pay the lowest taxes possible. The process includes calculating expected quarterly tax payments, creating a plan to avoid penalties, and utilizing any available deductions. Taking the time to create a year-end tax plan benefits taxpayers in the long run.
Did you know that filing late taxes can result in the complete loss of your tax refund? The IRS takes filing taxes very seriously, and if you don't remember to file on time, you should be aware of the consequences you could face.
Be prepared. Tax audits are coming for the middle class. The United States government recently announced a plan to provide the IRS with $80 billion in additional funds and allow them to hire 87,000 new IRS employees under the Inflation Reduction Act. This upsurge in funding and hiring will result in an aggressive increase in auditing tax returns. The IRS is going to be much more thorough when it comes to collecting taxes and examining tax returns. This also means that there will be higher taxes for anyone the IRS believes has not been paying their fair share.
What are the Consequences of an Unsubmitted Tax Return? The consequences of an unsubmitted tax return can range from a fine to jail time. In the event that a taxpayer does not file their tax return, they will be required to pay a fine for each month that they are delinquent. According to the IRS, the Failure to File Penalty is 5% of the unpaid taxes for each month that the tax return is late.
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November 2024
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