Baker Law Firm, P.C.
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March 2017 Archives

The difference between a tax deduction and a tax credit

For those who are Shakespeare historians, the phrase “beware the ides of March” continues to have significance. We hope that the middle of March came and went without any significant issues for our readers. However, for those still struggling to complete their federal income tax returns, it is the ides of April that may be cause for concern.

Be careful not to make these tax filing mistakes

Tax season alone, whether you’re doing the paperwork for a business or for yourself, can bring a long of anxiety. During this time you collect all your paperwork, sort through the numbers and try to figure what your financial picture looked like last year. This can be extremely time-consuming and tedious.

Defense tip: negotiate with the IRS before the indictment

A liquor store co-owner recently learned the harsh consequences for federal tax evasion the hard way. The 67-year-old man’s conviction for tax evasion and conspiring to defraud the United States has resulted in a 41-month prison sentence. His sentence also includes an order to pay restitution to the Internal Revenue Service.

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