IRS Form 1040 Schedule J "Income Averaging for Farmers and Fishermen" Explained
IRS Schedule J (Form 1040) is a tax form farmers and fishermen use to calculate and report their income using the income averaging method. Income averaging is a method that allows these taxpayers to…
Lien vs. Levy: Deciphering Tax Terminology
Taxes can be complex and overwhelming. When back tax debt comes into the picture, things can get more complicated and stressful. If you fail to pay your back taxes, two terms often surface: "lien"…
IRS Form 1040 Schedule H "Household Employment Taxes" Explained
IRS Schedule H (Form 1040) is a tax form used to report and pay household employment taxes. Household employment taxes refer to the taxes that an individual must pay when they employ someone in their…
IRS Form 12153 "Request for a Collection Due Process or Equivalent Hearing" Explained
IRS Form 12153, also known as the Request for a Collection Due Process or Equivalent Hearing, is a form used by taxpayers to request a hearing with the IRS Office of Appeals when they disagree with a…
IRS Form 12509 "Condition of Disagreement" Explained
IRS Form 12509, also known as the "Condition of Disagreement," is a document used by taxpayers to appeal certain decisions made by the Internal Revenue Service (IRS) regarding their tax liability.…
Internal Revenue Code (IRC) Section 6321 "Federal Tax Liens on Real Estate" Explained
A federal tax lien on real estate is a legal claim that the government can place on a property to secure payment of unpaid taxes. This lien is imposed by the Internal Revenue Service (IRS) under the…
Internal Revenue Code (IRC) Section 61 "Debt Forgiveness" Explained
Cancellation of debt, also known as debt forgiveness, occurs when a lender agrees to forgive or cancel all or a portion of a borrower's outstanding debt. Under the Internal Revenue Code (IRC) Section…
Internal Revenue Code (IRC) Section 6654 "Estimated Taxes" Explained
Estimated taxes are payments made to the Internal Revenue Service (IRS) by individuals and businesses who must pay their taxes in installments throughout the year, rather than in one lump sum when…
IRS Automobile Tax Deductions Explained
Automobile tax deductions are a way for taxpayers to reduce their tax liability by claiming certain expenses related to the use of their vehicles for business, charitable, or medical purposes. These…
How to Choose the Right Tax Accountant for Your Small Business
For small business owners in Alaska, selecting the right tax accountant is crucial. It's not just about filing taxes; it's about understanding local regulations, maximizing deductions, and making…