Tag: taxes
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What the One Big Beautiful Bill Means for Your Taxes and How Steve Perry, EA Can Help
The One Big Beautiful Bill signed by President Trump in July 2025 brings significant tax changes for individual taxpayers. It permanently extends the reduced income tax rates from the 2017 Tax Cuts and Jobs Act and increases the standard deduction for both single and joint filers. Families benefit from a higher child tax credit, while…
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What the One Big Beautiful Bill Means for Business Taxes and How Steve Perry, EA Can Help
The One Big Beautiful Bill signed by President Trump in July 2025 introduces important tax changes for businesses of all sizes. It increases the deduction for pass-through business income from 20 percent to 23 percent through 2028, offering significant savings for sole proprietors, partnerships, and S corporations. The bill also restores full expensing for research…
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IRS Notice CP508C: What It Means and How Steve Perry, EA can Help
IRS Notice CP508C means your tax debt has been certified as seriously delinquent and reported to the State Department, placing your passport at risk. This can affect international travel, employment, and licensing. Steve Perry, EA at Books Taxes & More helps taxpayers resolve these issues quickly through installment agreements, Offers in Compromise, or financial hardship…
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Why Every S-Corporation Owner Needs a Reasonable Compensation Basis
S-corporation owners are required to pay themselves a reasonable salary for the work they perform. The IRS scrutinizes these salaries, and failure to properly document reasonable compensation can trigger audits and penalties. Many business owners struggle to determine what is considered reasonable. Steve Perry, EA at Books Taxes & More creates comprehensive, audit-proof reasonable compensation…
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Understanding IRS Letter 3164: How Steve Perry, EA Can Help
IRS Letter 3164 often catches taxpayers off guard. This notice means the IRS is preparing to assign your overdue tax account to a private collection agency. While this letter does not demand immediate payment, it signals that the IRS considers your account inactive and unresolved. The purpose of Letter 3164 is to inform taxpayers before…
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Understanding IRS Letter 3172 and How Steve Perry, EA Can Help
IRS Letter 3172 notifies taxpayers that a Notice of Federal Tax Lien has been filed due to unpaid tax debt, giving the IRS a legal claim on their property. This lien can severely impact credit, complicate financial transactions, and damage personal and professional reputations. Importantly, the letter offers a limited window, usually 30 days, to…
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What Taxpayers Should Know About the IRS CP71 Notice and How an Enrolled Agent Can Help
– The IRS CP71 Notice, titled “Annual Reminder of Balance Due,” alerts taxpayers annually about unpaid taxes including penalties and interest, without immediate collection action but with potential future enforcement. – Ignoring the CP71 can lead to escalated IRS collection actions such as liens or levies. – Steve Perry, an Enrolled Agent (EA) at Books,…
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Understanding IRS CP40:What it means and How an Enrolled Agent Can Help
– The IRS CP40 Notice indicates a taxpayer’s unpaid tax debt has been assigned to a private debt collection agency authorized by the IRS to handle lower-priority cases before the collection statute expires. – Private agencies cannot use IRS tools like liens, levies, or garnishments, and the notice means the IRS prioritizes other cases. -…
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Understanding IRS LT40: What it means and How an Enrolled Agent Can Help
Receiving an IRS LT40 Notice can be a daunting experience for taxpayers, as it signifies that the IRS has identified a potential issue with their tax return that requires immediate attention. This notice serves the purpose of requesting additional information or clarification to resolve discrepancies and ensure accurate tax reporting. Navigating the complexities of an…
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How an Enrolled Agent Can Help with Your CP22A Notice
Receiving a notice from the IRS can be unsettling, especially when it involves changes to an already filed tax return. One such notice is the IRS CP22A, a document that informs the taxpayer that their return has been adjusted, typically based on information provided by the taxpayer or a recent amendment. This notice is not…
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