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December 2016 Archives

Be careful when paying bonuses to children

It may seem very risky to have a child working in your office if you are a small business owner, but there are some definite financial benefits that can be realized.  This is because children who work part time in a parent’s business may not need to complete a tax return if their earnings are less than what the standard deduction for a single filer would be. Further, kids who work in businesses that are unincorporated may not owe any taxes.

Be careful about tax refund anticipation loans

Do you know exactly when tax season starts? It really depends on whether you are a taxpayer or an accountant.  For accountants, the last week of January signals the beginning of tax season because people anticipating refunds want to collect on their windfall. For taxpayers, however, tax season may just start with the holiday season.

Three options for dealing with troublesome tax liens

Now that the holiday season is in full swing, few people are considering their options for “refund season,” which unofficially starts about the third week of January when employers begin handing out w-4 notices. Indeed, most people understand that the interest and penalties will be in store for those who do not pay their taxes. But what may not be known is the possibility that the IRS will guarantee its interest in collecting taxes through a tax lien.

Law Offices of Charles R. Frazier
5258 Murfreesboro Road #B
La Vergne, TN 37086

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