Communication from the IRS

Now that Tax Day has passed, some consumers may open their mailbox to find a letter from the IRS. The IRS will always communicate via mail, so it is essential to read the letter carefully and in its entirety. The IRS may reach out for various reasons, including a change in your refund, a question regarding your tax return, a request for more information, or a balance is due.
If the request is for an audit, give our team a call, we are always available to assist you throughout the entire process.
It is important to respond timely to any request sent via the IRS and act accordingly. If a balance is requested, pay as soon as possible to avoid further issues. Options for payment installments can be found on the IRS website.
The IRS will only reach out via email, phone calls, or emails claiming to be the IRS should be considered fraudulent.

Tax Benefits for Small Business Owners

The IRS focuses on small business owners and provides tips and tax benefits to help them get the most out of their operations.
First, many small business owners can claim the home office deduction. To qualify, a business owner must use a specific room in the home exclusively for business.
To claim the credit, filers should use Form 8829 Expenses for Business Use of Your Home. This form calculates the credit based on the expenses of home operations related to personal and business use. Additionally, businesses can often deduct business-related food and beverage purchases. To qualify, the owner or one employee of the business must be present at the time of sale. Note that grocery or convenience stores do not qualify for this deduction. Look for more information on the IRS website.

Recovering from Identity Theft

Identity theft can be prevented in many ways, but if you are a victim, there are a few ways to recover your information and ease the financial burden. Once you discover that your identity has been stolen, contact your local law enforcement, freeze your credit, and place a fraud alert on all accounts. Once all necessary parties have been contacted, review your credit and debit charges for anything fraudulent and report them to your financial institutions. Work to handle your disputes as quickly as possible to recover any changes to your credit score. Next, change login information on all websites that contain your personal information. Protecting your data is essential, and identity theft is likely to occur through an internet security breach. Stay on top of your credit reports and banking information for the next few months after the theft occurs. You will want to contact the credit bureaus and banks to ensure all fraudulent charges have been removed and any new accounts will be rejected as fraud.