Paycheck Protection Programs: Resources and Provisions for Entrepreneurs, Small Businesses, and Independent Contractors


by Dawn Allcot on January 27, 2021  0 Comment

Paycheck Protection Programs: Resources and Provisions for Entrepreneurs, Small Businesses, and Independent Contractors
In late December 2020, Congress and the president approved a $900 billion COVID-19 relief program, which included a second round of funding under the Paycheck Protection Program. First passed last spring, the original round of PPP funding included more than 5 million loans, each for an average of approximately $100,729. The total loans added up to more than $525 billion when the first round of funding closed in August.PPP loans are partially or fully forgivable, depending on the organization’s income and what the money was used for. As of November 22, 2020, the SBA received more than 595,000 loan forgiveness applications worth a total of $83 billion. Of that money, $38 billion was forgiven. Who Received PPP Loans? In ...

Best Bookkeeping Software – 2021 Guide


by Dawn Allcot on December 21, 2020  0 Comment

Best Bookkeeping Software – 2021 Guide
The gig economy, which encompasses freelancers, self-employed individuals, and solo entrepreneurs, is growing three times faster than traditional jobs. In 2018, freelancers contributed $1.28 trillion to the U.S. economy – and 35% of that was from self-employed women. From content writers to Etsy sellers and even direct sales representatives, independent contractors and freelancers make up a growing percentage of the workforce.One key to keeping a freelance business running is having the right bookkeeping software to send invoices, track income, and understand what income and expenses to report on your taxes.Self-employment and freelancer taxes aren’t easy. That’s why we recommend hiring one of the best tax preparation companies to help you.But you can make their jobs easier, and ...

Best Tax Software: 2021 Guide


by Dawn Allcot on December 09, 2020  0 Comment

Best Tax Software: 2021 Guide
If you don’t have exceptionally complex tax returns, but the thought of doing math to file your taxes makes you cringe, tax software provides a low-cost, convenient solution. Additionally, using one of the best tax software platforms makes it easy to e-file without navigating the IRS website.  Many tax preparation companies, including the biggest in the country like H&R Block, offer online tax software solutions for customers who prefer to do it themselves. We looked at some of the top-rated tax software programs to help you find the best for your needs. We evaluated their prices, offerings, options, ease-of-use, and customer service availability from a tax professional if you need a helping hand. H&R Block H&R Block, a leader in ...

Best Tax Preparation Companies 2020


by Dawn Allcot on September 04, 2020  0 Comment

Best Tax Preparation Companies 2020
If you have a complex tax return, many deductions, or receive 1099s forms as an independent contractor, you may want to enlist the help of a tax prep company for filing your taxes.Companies like H&R Block, Liberty Tax Service, Jackson Hewitt, and PWC offer tax prep services for anyone. We researched tax prep services to compare their offerings. Keep reading to see our reviews of the top four tax prep services in the U.S. Choosing the Best Tax Prep Companies: The Solvable Process We evaluated consumer reviews, the services offered, the companies’ overall reputation, certifications and education required for the tax preparers, pricing, availability, special programs like rapid refund services, and each company’s longevity to compare the top tax ...

See How One Self-Employed Worker Settled $39,378 in IRS Back Taxes


by Dawn Allcot on February 27, 2020  0 Comment

See How One Self-Employed Worker Settled $39,378 in IRS Back Taxes
Case study reports are not necessarily representative of typical results that consumers may achieve. Individual results vary based on circumstances. Please read the important disclaimer at the end of this document. Making the right phone call turned Nick’s life and finances around “You’ve gotta help me! “They’re threatening to take my whole paycheck! I’m a truck driver and I can’t afford to pay them all that money right now!”With these words – and one very smart phone call – Nick set himself on a path that would preserve his livelihood and settle his tax debt.It was the evening of March 14, 2014. A night Nick will remember forever. He shut his P.O. box, hands trembling with anger and ...

What Should You Do If the IRS Sends You a Form LT11 – Final Notice of Intent to Levy?


by Dawn Allcot on February 21, 2020  0 Comment

What Should You Do If the IRS Sends You a Form LT11 – Final Notice of Intent to Levy?
An LT11 form is a final warning from the IRS that they can issue a levy against your assets and file a Notice of Federal Tax Lien against your property if you don’t pay your tax debt. Chances are, you’ve received several IRS notices before the LT11 notice lands in your hands. If you cannot pay your delinquent tax debt, do not ignore the notices; contact a tax professional to assist you with tax debt relief.Unpaid tax debt is no joke and it’s not something you want to ignore. If you don’t respond to the IRS by paying your tax bill or calling to negotiate a payment plan when you receive your first tax bills for unpaid taxes, the ...

What Can You Do If You Receive Notice CP523 from the IRS?


by Dawn Allcot on February 19, 2020  0 Comment

What Can You Do If You Receive Notice CP523 from the IRS?
If you miss a payment on your IRS installment agreement, you’ll receive form CP523 – Intent to Levy & Intent to Terminate Your Installment agreement. It’s important to address this notice by making a payment by the deadline printed on the letter, usually within 30 days from when you received the letter. If you can’t make the payment, contact the IRS. You may be able to negotiate to have your installment agreement reinstated to avoid further collections action.The IRS often provides installment agreements or payment plans for taxpayers in arrears. You can pay off your tax debt in manageable monthly payments, based on your income and expenses.But sometimes, financial difficulties arise and you can’t make the monthly payment ...

What Happens If You Receive an IRS CP501 or CP502 Notice?


by Dawn Allcot on February 17, 2020  0 Comment

What Happens If You Receive an IRS CP501 or CP502 Notice?
A CP501 Standard IRS Bill is the first notice of unpaid tax debt. It's essential to pay your bill by the due date listed on the CP501, otherwise your tax debt will continue accruing interest and penalties and you’ll receive a CP502 Balance Due Reminder. If you can’t afford to pay your bill by the due date, contact a tax professional to help you negotiate a viable payment plan with the IRS. If you have a federal tax bill you have forgotten to pay, you owe taxes that you can’t afford to pay, or you have unpaid federal taxes for any reason, you may receive a CP501 – Standard IRS Bill (1st Notice). The IRS usually sends these bills ...

What Should You Do If You Receive an IRS CP504 Form?


by Dawn Allcot on February 12, 2020  0 Comment

What Should You Do If You Receive an IRS CP504 Form?
The IRS has a specific process if they are trying to collect unpaid tax debt from business owners or individual taxpayers. The CP504 – Intent to Levy State Tax Refund or Other Property should be the fourth notice you receive regarding delinquent taxes.Before you receive a CP504 notice, the IRS will send a:CP501 – IRS Standard Tax Bill (First Notice) CP502 – Balance Due Reminder Notice CP503 – Second Reminder About Unpaid TaxesThe IRS delivers all correspondence via registered mail with a signature required.If you somehow missed all these notices, decided to ignore them, or just don’t have the money to pay your tax debt and are now in a panic, don’t worry. Yes, a CP504 ...

What Can You Do If You Receive a CP503 Notice from the IRS?


by Dawn Allcot on February 10, 2020  0 Comment

What Can You Do If You Receive a CP503 Notice from the IRS?
If you have unpaid federal taxes and you did not respond to IRS notice CP501, your first notice about past due taxes, you will receive CP503 – Second Reminder About Unpaid Taxes. To avoid further IRS action, you should take care of the CP503 within 10 days. If you can’t pay your delinquent taxes, consider consulting a tax professional to negotiate a payment plan or reduce your tax debt.What is IRS Notice CP503? If you receive a CP503 – Second Reminder About Unpaid Taxes from the IRS, it’s imperative you address the tax bill immediately.A CP503 is a letter the IRS sends via certified mail to inform you that you have an unpaid tax debt. The year from ...