News & Articles

Crabb Tax Services Newsletter (September 2019)

TOPICS IN THIS ISSUE: Benefits Of Starting Your Tax Planning Early In the Year What To Do If You’re Audited By the IRS 13 Advantages Of Keeping Personal And Business Bank Accounts Separate Ins And Outs of Settling With the

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13 Advantages Of Keeping Personal And Business Bank Accounts Separate

Mixing one’s funds with the proceeds of a business is a tempting prospect. For many solopreneurs, commingling allows them to have a much simpler time when banking. However, situations may arise where mixing business funds with personal funds can lead to a complicated mess. While the actual business of banking is easier, things like account-keeping, tax reporting and separating business expenses from private earnings become a nightmare.

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What to Do If You’re Audited by the IRS

Stressed young taxpayer reads IRS letter

“Gasp!” That might be your first reaction to seeing an envelope with an eagle on the upper left corner and the dreaded words next to it: Internal Revenue Service. But fear is not an emotion that should flow through your body. Why not? Well, if you’ve accurately recorded what properly belongs on your tax return, you have nothing to fear from the IRS if they contact you about an audit.

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Crabb Tax Services Newsletter (August 2019)

TOPICS IN THIS ISSUE: 12 Small Business Tips From Podcasts Used By the Pros Top Ten Money Mistakes People With Modest Incomes Make Should Financial Success Be Your Ultimate Goal? Tax Witholding Estimator The IRS Will Waive This 2018 Penalty

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12 Small Business Tips from Podcasts Used by the Pros

Not all the advice that a budding business leader hears on a podcast will be particularly actionable or beneficial. There is, however, some very good information and perspectives out there. To help newer leaders be more aware of things they can and should do in regards to their business, we asked members of Young Entrepreneur Council (YEC) the following:

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Top Ten Money Mistakes People With Modest Incomes Make

Don’t think you can retire on modest money? You don’t have to stare down a life sentence of work, you just need to avoid some all too common mistakes.

Reading articles and blog posts online you may be tempted to believe that the biggest scourge threatening your financial goals are subscription boxes, latte consumption, and envy of the Joneses. Having worked within personal finance with people with modest incomes for nearly 20 years, I have learned that there are even more significant threats looking to sabotage your goals.

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Crabb Tax Services Newsletter (July 2019)

TOPICS IN THIS ISSUE: 3 Costly Tax Mistakes to Avoid 6 Summertime Uses For This Tax-Favored Savings Account Understanding How Taxpayers May Appeal to the IRS Office of Appeals This Crazy Map Shows You How Complicated The Tax Code Has

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Understanding How Taxpayers May Appeal to the IRS Office of Appeals

IRS has an Office of Appeals (OOA) that operates as an “independent” organization within the IRS. The goal of the OOA is to help Taxpayers resolve their tax disputes through an informal, administrative process, and through weighting IRS’ risks of litigation. The OOA aims to resolve tax controversies “without litigation” avoiding expensive and time-consuming court proceedings.

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