743 plain-English guides on us tax, each one ending in what to do next.
Page 31 of 31, newest first.
A short-term rental with an average stay of 7 days or less is not a rental activity for passive loss rules. Yes, if two conditions are met.
US TaxAn owner-operator's bookkeeping determines the tax bill, the audit risk, and whether they know if they're making money. Covers essential practices,.
US TaxThe entity choice changes how much self-employment tax an owner-operator pays and how much liability protection exists. Compare LLC, S-Corp, and sole.
US TaxIf you own or operate a truck with a taxable gross weight of 55,000 pounds or more, the IRS wants a Form 2290 from you every year.
US TaxOwner-operators pay federal excise tax on every gallon of diesel. On top of that, every state levies its own fuel tax, and the rates vary wildly.
US TaxOwner-operators are high-audit-risk taxpayers. Large deductions, cash operations, and per diem claims put truckers on the IRS radar.
US TaxHow the IRS decides whether your truck lease is a true lease or a conditional sale, and why that controls whether you deduct the payments or depreciation and interest.
US TaxThe full list of owner-operator tax deductions, how per diem works, when actual expenses beat the standard mileage rate, and what records the IRS expects.
US TaxHow taxes work for W-2 company drivers versus 1099 owner-operators, what each side can deduct, and what changes when you switch from one.
US TaxSelf-employed truckers can shelter $60,000 or more per year from tax with the right retirement plan. Most owner-operators are good at making money.
US TaxEach mechanism has different dollar limits, different income limitations, and different consequences when you eventually sell or trade the truck.
US TaxWhen a business withholds federal income tax, Social Security, and Medicare from employees' paychecks but does not send those withheld amounts to the IRS.
US TaxWhen you bill the federal government for costs incurred on a contract, the government does not pay for everything. Covers key rules, filing requirements,.
US TaxThe bank is required to hold the funds for 21 calendar days before sending them to the IRS. That 21-day window is your window to act.
US TaxA CP2000 is not an audit. It is not a bill. It is a proposed adjustment from the IRS's Automated Underreporter (AUR) program.
US TaxCurrently Not Collectible (CNC) is an IRS designation that pauses all collection activity on your account. The IRS does not seize your bank account.
US TaxThe IRS first-time abatement waives failure-to-file and failure-to-pay penalties if you have a clean three-year history.
US TaxThe four types of IRS installment agreements, which one fits your balance, the setup fees, and the traps that extend your debt.
US TaxAn Offer in Compromise lets you settle an IRS tax debt for less than the full amount owed. That much is true. That much is true.
US TaxThe RCP formula sets the minimum the IRS will accept in an Offer in Compromise. The calculation, worked examples, and the variables you can influence.
US TaxThe IRS assesses penalties on roughly 40 million returns per year. It also abates millions of those penalties when taxpayers ask.
US TaxHow IRS wage garnishment works, the exempt amount you keep, the CDP hearing window, and how to get the levy released or reduced for US-Canada dual filers.
US TaxHow to petition the US Tax Court after a notice of deficiency. The US Tax Court is the only court where you can dispute a tax assessment before paying it.