Our Articles

What Are Business Expenses For Taxes?

There are three simple questions you can ask to determine whether an expense is tax deductible: The first question is "Is this expense reasonable, ordinary or necessary?" For example, it would be reasonable for a doctor to buy medical equipment. It would be ordinary...

Is This Activity A Business Or A Hobby?

In order for an expense to be tax deductible, you must incur it for a business, and not for a hobby. It you want to deduct an expense, the IRS will apply a Facts and Circumstances Test to answer the question "Is this activity a business, or a hobby?" If it's a hobby,...

Filing And Paying Back Taxes

If you haven't filed a tax return in a while, you may be wondering what options you have. It is in your best interest to file those back tax returns as soon as possible. You might be surprised to learn that filing back taxes may be the simplest way to get out of your...

Indiana Registered Retail Merchant’s Certificate Compliance

The Indiana Department of Revenue requires any business that conducts sales (retail or wholesale) within the state of Indiana be registered by obtaining a Registered Retail Merchant's Certificate (RRMC). A business tax application (BT-1) is filed along with a $25...

Help! I Am Being Audited

If you are being audited, you're going to suffer some damages, be it in time, comfort, convenience or money. What you can do is control the amount of damage. What Does a Tax Audit Look Like?Line-by-line audits These tax audits request information about everything you...

Help! I Owe More Money Than I Can Pay

Not having enough money to pay their taxes is the most common reason people run into serious tax problems. People think they will resolve the tax problem when they have more money. This is a big mistake that can cost them dearly in terms of peace of mind and money....

Not For Profit Board Member Liability

Recently, the Internal Revenue Service, IRS, has increased its focus on Not for Profit entities. The IRS is focusing on compliance and collections. The IRS has become aware that many not for profit entities have either missing returns or taxes that have not been paid,...

Pension Protection Act Of 2006

The substance of the Pension Protection Act is complicated. The Act was enacted to allow taxpayers some flexibility with regard to inherited pension and retirement funds. Many pension and 401(k) plans require non spouse beneficiaries to withdraw the funds within 5...

Power Of Attorney Negative Effects

Many taxpayers that contact Tax Matters Solutions, LLC are afraid of the tax authorities. Many taxpayers think that any contact with a tax authority will result in some sort of additional collection activity. Many taxpayers think, "If we call the IRS, they will come...

Self-Employment Tax Optional Methods

If you are self-employed you are no stranger to taxes. The three most common taxes for the self-employed are self-employment tax, federal income tax, and state income tax. Self-employment tax is 15.3% for the first $106,800 of earned income and 3.9% for all earned...

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