Taxes have been around for decades and aren’t going away any time soon. President Lincoln created the Internal Revenue Service and introduced the first income tax in 1862 to pay for the very costly North’s civil war expenses. When there is war, there are taxes to finance it.
Taxes are part of our everyday life. Each week, month or year we pay taxes for our properties, income, etc..
Here are some tips for paying the IRS with care so you don’t get it wrong and wind up with an IRS audit.
Handle Checks With Care
Before you drop that check into the mailbox make sure you annotate your check. In the bottom
Keep Payments Separate
If you are paying for more than one payment, keep
Here’s a great customer question, “I live in a house that is owned by my relatives and there is still a mortgage on it. We pay the mortgage payments and the real estate taxes on the property. Who gets to claim the mortgage interest and property taxes?
Answer: The person that ins legally obligated to pay those expenses, which usually is the property owner, normally gets to write them off. In this case, no one may get to write them off, because the legal owner isn’t the one paying the fees and the person paying the fees doesn’t legally own the property. Check with your accountant or tax professional for more clarification, too, as we are not tax professionals.
A reminder that a good accountant or tax professional will help guide you in what you can and can’t claim on your taxes each year.
At Check-Write payroll, we specialize in payroll deductions, payroll, and keeping you in the clear with rules and regs. a business