Form 8275 is filed to disclose all types of tax positions. When you're considering taking an aggressive position on your tax return that could result in a substantial tax reduction, but you're worried about having to pay a penalty, talk with Ken-Mar Tax for a free consultation. As an Enrolled Agent, Ken Weinberg is up-to-date...Continue reading
Category: IRS Filing
Do I Need to Pay Self-Employment Tax on Airbnb Rental Income?
In Chief Counsel Advice (CCA) 202151005, the IRS opined on this issue. But before we get to what the IRS said, understand that the CCA’s conclusions cannot be cited as precedent or authority by others, such as you or your tax professional. Even so, we always consider what the CCA says as semi-useful information, so here’s some...Continue reading
Tax Audit Penalties? How You Can Defeat The IRS
If the IRS audits you and says you owe more tax, they will often impose an accuracy-related penalty on top of the tax. This penalty is not small - at 20 percent of the additional tax owed. For a $10,000 audit assessment, that’s an additional $2,000 you have to send to Uncle Sam. In this...
When Do I Have to Pay Self-Employment Taxes?
What Are Self-Employment Taxes? Do I Pay Them? Self-employment taxes are to individual business owners what payroll taxes are to employers and employees. They fund Social Security and Medicare. All individuals with self-employment income must pay self-employment taxes, regardless of their age. When business owners reach retirement age, they’ll be able to collect Social Security...Continue reading
2021 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family
Our specialty at Ken-Mar Tax is to provide our tax preparation clients with tax strategies that will legally reduce their tax obligations. As an IRS enrolled agent, Ken Weinberg keeps up-to-date about all the IRS tax codes in order to use them to your advantage. Tax Strategies for Getting Married, Divorced, Staying Single, Adding Your...Continue reading
2021 Last-Minute Year-End General Business Income Tax Deductions
As tax-reduction strategy specialists for the self-employed, at Ken-Mar Tax we specialize in working with local, Cleveland area, small business owners, contractors and solopreneurs. We know, at this time of year, your goal is to either eliminate, or at least reduce, the taxes you’ll owe – or better yet, get the IRS to owe you!...Continue reading
IRS Refunds Seriously Backlogged
Millions of taxpayers are still waiting for refunds and/or struggling to understand IRS notices saying their refund amounts have been adjusted. And the IRS expects to receive another 4 million returns for tax year 2020 by the October 15th tax filing extension deadline. – Forbes October 10, 2021 Why are tax refunds so late? Why...
Beginning 2020 IRS Requires 1099-NEC Instead of 1099-MISC
What is Form 1099-NEC? Starting with the 2020 tax year, the IRS requires businesses to use the new Form 1099-NEC to report nonemployee compensation – not Form 1099-MISC, which was previously used. Filing Taxes With a 1099-NEC If you are self-employed and receiving any type of 1099 forms, you should be using a tax preparation...
Coronavirus Postpones Tax Deadlines & Provides IRS Collection Relief
Do you have IRS back taxes from years passed? Were you already dreading the idea of doing your 2019 taxes because of your federal tax liability? Are you in an existing installment agreement with the IRS for unpaid taxes or have a pending Offers in Compromise (OIC)? The IRS announced a new series of relief...Continue reading
IRS 5-Year Improvement Plan; Enrolled Agents or Cleveland Tax Attorneys?
Enrolled Agents of IRS Cleveland Given Details of 5-Year Plan Recently the enrolled agents of Ken-Mar Tax have been notified of the large-scale effort of the Internal Revenue Service (IRS) to increase their workforce and update their technology in order to help enforce the implementation of new tax laws. A recent article in the Government...Continue reading
Cleveland IRS Tax Help: IRS Notice CP2000
As Cleveland tax preparation specialists we spend most of our time after “tax season” (the time period between Jan 14th and April 15th of each year) focusing on new clients that come to us with IRS, Ohio and local back taxes, tax resolution issues that can include wage garnishments and tax penalties and helping sort...Continue reading
1099 Forms – How to File if You Get One and When You Should Be Giving Them
There are many conflicting opinions you’ll read on line and get from CPAs and tax preparation specialists about when to file a 1099 as a business and how to prepare your taxes as an individual receiving a 1099 Form. As an enrolled agent Ken Weinberg attends hours of continuing education regarding the tax code, is...Continue reading
Tax Services Cleveland: Tax Preparation Coupon
Has time gotten away from you? Have you not filed your income taxes for 2016? Maybe you were too busy in January and February enjoying some of the most unseasonably warm weather for our Cleveland area. Or maybe you’re still waiting on some tax documents. Whatever the reason, the tax filing deadline this year is...Continue reading
Don’t Miss Tax Deductions for Uber, Lyft and other Ride Share Drivers
Have you recently started driving for Uber, Lyft or another ride-share company to pick up some extra cash? Unless you’ve met with Ken Weinberg of Ken-Mar Tax, you’re probably missing out on even more money in tax deductions! Being a tax reduction strategist for the self-employed, Ken specializes in helping people like you who get...Continue reading
Reduce Taxable Income with these Business Expenses to Claim on Your Taxes
At Ken-Mar Tax we specialize in tax reduction strategies for the self-employed because after decades of studying the tax code, working with the IRS and preparing tax returns for self-employed individuals we realize there are still many business expenses that get forgotten when filing taxes. One thing we do to help our clients is equip...Continue reading
Tax Filing Procrastinators Welcomed at Ken-Mar Tax
We obviously advocate being proactive rather than reactive but we also understand when life, schedules, apprehension and other issues become obstacles to your tax planning. What we don’t understand is the mentality that somehow your taxes will take care of themselves. They won’t. The taxes you owe won’t pay themselves and the tax refund you...Continue reading
Ken-Mar Tax Earns Esteemed 2015 Angie’s List Super Service Award
Ken-Mar Tax is Proud to Announce Receipt of the 2015 Angie’s List Super Service Award Award reflects company’s consistently high level of customer service Ken-Mar Tax has earned the service industry’s coveted Angie’s List Super Service Award, reflecting an exemplary year of service provided to members of the local services marketplace and consumer review site in 2015....Continue reading
Tax Preparation Checklist: 5 Key Components to a Faster Tax Filing
Moving away from using TurboTax®, HR Block® or some other DIY tax software this year and getting your taxes prepared by a local Cleveland area tax professional? Good! You’ll be glad you did. Just make sure not to fall for any of these myths when choosing a tax preparation service outlined in our post “It’s...Continue reading
It’s Tax Season. Don’t Fall for these Tax Preparation Myths.
With January’s soon arrival, tax preparation advertising is sure to be in full-swing. Clearly, as tax professionals and enrolled agents for many decades, the team at Ken-Mar tax is especially irritated by the companies and marketing campaigns that project these myths to be true, so we decided it’s time to dispel some of the marketing gimmicks...Continue reading