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...
The 2018 landmark case of South Dakota v. Wayfair established that state and local governments had the right to collect sales taxes from purchases made online, no matter where the seller was located. "Tax Defense Ohio, why is this important?" you may ask...
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...
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...
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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