As a small business owner, taxes are an inescapable part of your life. While you may be aware of the need to pay taxes, one area many business owners overlook is paying themselves a reasonable salary from their corporation. If the IRS finds out that you are not paying yourself a salary, they can come…
FTB Taxpayer’s Guide to Avoiding Bank Levies and Wage Garnishment: A Practical Handbook for Surviving California Franchise Tax Board Issues The California Franchise Tax Board (FTB) is a government agency responsible for the administration and collection of state taxes. If you owe money to the FTB, they have a number of ways to collect that…
The IRS has various collection tools at their disposal when it comes to collecting on unpaid taxes. One such tool is to send a taxpayer’s case to a private debt collection agency (PDCAs). If you have received notice that your case has been sent to a PDCA, it is important to know what to expect…
Last week I had the opportunity to travel to Beverly Hills to be interviewed by Hollywood live It was such an honor to work with Emmy Award-winning director Nick Nanton during this filming. I got a chance to attend two movie premiers and then attend an award ceremony where I received my award. We talked…
The Inflation Reduction Act was proposed by the Biden administration as a way to combat rising inflation. However, many experts are concerned that the bill’s tax reform provisions will result in higher taxes for American taxpayers. Here’s what you need to know about the Inflation Reduction Act and how it could impact your wallet. The…
So what does a Volleyball dad do on Friday night? Normally this dad is spending the evening with his wife and daughter (maybe the daughter is a teenager) and just relaxing, but tonight was different. Our daughter, who plays volleyball for the Yucaipa High School Junior Varsity team, was asked to play with the Varsity…
Did you know that the IRS can garnish your wages if you owe them money? It’s true. If you’re one of the unfortunate few who find yourself in this situation, it can be a real shock. wage garnishments can happen without warning and leave you scrambling to figure out how to make ends meet. Fortunately,…
Are you a non-filer? Do you know what that means? It means that you have not filed a federal income tax return for a given year, even if you were required to do so. The penalties for not filing can be steep, including fines and even criminal prosecution. But there is hope! If you’re a…
I’m going to talk about what to do when you get an IRS letter in the mail. This can be a really scary experience, but don’t worry, I’m going to walk you through everything and make it easy for you. Don’t panic! If you receive a letter from the IRS, there are still steps you…
It isn’t easy to make predictions, especially about the future. But there is one prediction we’re confident in making: you will have substantial out-of-pocket expenses for health care after you retire. Personal finance experts estimate that an average retired couple age 65 will need at least $300,000 to cover health care expenses in retirement. You…