CNC

Currently Not Collectible Status

Currently Not Collectible The currently not collectible status may be your solution to temporarily delay or permanently defer payment of tax debt.  This does not mean that the tax debt goes away, yet it may provide you with some immediate tax relief.  Yet as the months and years pass by, the IRS obligation to collect …

Tax Preparation

Late Tax Return Filing

Guilty of Procrastination We all are guilty of it.  Knowing we should be on top of things that have deadlines yet we wait until the last possible moment to do what we had weeks or months before the deadline to do.  And in some cases, the deadline will pass, then all anxiety sets in.  You …

Self Employment Tax

Self Employment Tax Reporting Self employment tax reporting is an add on tax liability on page 2 of you tax form 1040.  Some first time self employed individuals do not understand why is it that they must pay this tax. Income Reporting A self employed individual is an unincorporated business, (ex. sole proprietor, independent contractor, …