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When does the 10 year clock start ticking with the IRS? How is the IRS still collecting a debt that was created over 10 years ago? Did you do something to stop the clock from running on your tax debt? Watch the video for answers to these questions and more!
Paying taxes as a self employed person can be confusing. If you expect to have a Federal tax liability of $1,000 or more, or a State of IL tax liability of $500 or more, you need to pay your estimated taxes. Watch this video to learn how to pay your taxes as a self employed person. For tips on how to lower your self employment taxes, visit our website at https://howardtaxprep.com/reduce-se-tax
The Easiest Way To Track Business Mileage.
Business mileage offers the self employed person HUGE TAX DEDUCTIONS. A small business owner that drives 80 miles per week for 52 weeks can deduct $2,267.00 from their taxable income. If that small business owner falls into the 22% tax bracket, that's an additional $499 back into their pocket!