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man with cash

29 Oct Early Withdrawals From Retirement Accounts

Taking money from your retirement funds before age 59 1/2 is not recommended, but due to COVID lockdowns, it may be unavoidable if you need fast cash. So you don't make it worse on yourself, read the following: Withdrawal Exceptions Early withdrawals from traditional and Roth IRAs are subject to an additional 10 percent tax, unless an...

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fingers look like crooks

15 Oct Is this the IRS or a SCAM!

With the October 15th extension deadline upon us, the IRS will soon turn its attention to collection efforts. If you've missed the filing deadline from April 15th (or July 15th in 2020 due to COVID-19), and the October 15th deadline, you could be subject to late penalties and interest. Don't forget you owe the taxes...

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do not panic

08 Oct Schedule C Losses Prime for Audit

The Treasury Inspector General of Tax Administration (TITGA) is the government tax watchdog. They perform annual audits of the IRS's programs and operations. In a recent review of the "Tax Gap", or the tax payment shortfall in relation to what is actually owed, the TITGA recommended the IRS look into taxpayers reporting Schedule C activity...

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workers at table

01 Oct Do you need to close down a business?

Small businesses owners are facing extreme challenges during these uncertain times. Closing a business is a difficult decision and all the steps and paperwork involved can be daunting. Ignoring it all, or simply walking away, will cause more headaches in the long run. Tax Defense Ohio can help with all of that, contact us to...

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