OpemTax

Are you a business owner navigating the complexities of the tax world? Dive into the crucial concept of estimated taxes in the U.S. and learn how to steer clear of penalties and maintain cash flow efficiently. Unlike employees, whose taxes are deducted with each paycheck, business owners face the responsibility of paying their taxes quarterly. With penalties calculated based on the amount due, timing, and prevailing interest rates, which have soared from 3% in March 2022 to a staggering 8% today, understanding the IRS rules is more important than ever. To avoid penalties, ensure you're paying at least 100% of last year's taxes or 90% of this year's due taxes—whichever is less. Embrace the discipline and financial savvy that come with managing estimated taxes, and keep your business in good standing. Watch our video short for a concise breakdown on staying compliant and avoiding the tax time bomb through quarterly estimated taxes. Your pathway to better budgeting, financial planning, and peace of mind starts here.

In this short video, I share the journey of my family across generations, transitioning from the hard labor of ironworking to the strategic battles of tax law. My story begins with my father, who carried on the ironworking legacy of my grandfather but sought independence from the constraints of union life. Driven by a desire for autonomy, he started his own janitorial business, tackling a wide array of clients from grocery stores to airplane hangars. Despite the company's growth, a significant oversight in maintaining proper records led to its downfall. Following in the footsteps of my father and grandfather, I too became an ironworker, proud to be the third generation. However, life steered me towards a different path, and now I'm a tax attorney. My mission is to help business owners safeguard what they've worked hard to build. Battling the IRS isn't just a job for me; it's personal. This isn't merely a story of shifting careers; it's a narrative about legacy, evolution, and a deep-seated drive to overcome challenges.

Discover the power of effective record-keeping in our latest YouTube Short! Learn why consistent, systemized record-keeping is the key to a smooth tax season, how it helps in maximizing deductions, and the role of modern online accounting tools in making data entry almost automatic. Say goodbye to tax season chaos and hello to organized financial records. This is all about working smarter, not harder, to enjoy the true benefits of owning your own business. #TaxTips #RecordKeeping #FinancialOrganization #IRS #irsnews #irstaxes

The Biden Administration has been advocating for the American Families Plan, the American Jobs Plan and the American Rescue Plan. Each of these plans have price tags in the Trillions of dollars. On this episode of Today's Tax Talk, Attorney Steven A. Leahy looks at the specific proposals in the American Family Plan using the administration's own "Fact" sheets.

Attorney Steven A. Leahy reviews the Cryptocurrency market using CoinFlip.tech's Market Page. And reports on El Salvador Experiment. The first country in the world that made Bitcoin its legal tender, now has more citizens with a Chivo Bitcoin wallet than a bank account. In under one month, 46 percent of the population have a Chivo Wallet compared to just 29 percent of Salvadorans with a bank account (as of 2017). Finally, Attorney Leahy discusses the continued efforts of the US government to regulate Cryptocurrency and Cryptocurrency Markets.

The IRS has been behind schedule since the COVID pandemic began. The IRS has been tasked with extra duties - stimulus checks, child tax credit payments, unemployment refund checks, math error increases, etc. While the IRS has always been slow to answer phone calls from taxpayers - IRS wait times have reached epidemic proportions (pun intended). An entrepreneur saw an opportunity with these IRS hold times and created a company that stands in line for its customers. Then hands the call off when an IRS representative is ready to take the call. Some criticize this venture - others find the service AMAZING. Full Disclosure - Opem Tax Advocates is a customer of this service - And we LOVE it.

The IRS has a form for EVERYTHING! 1099 Forms are "Information Returns" and there are many different versions. 1099s are required to report any payments from sources other than employment. People receive 1099 Forms from many different reasons due to the many different types of income there are. Attorney Steven A. Leahy explains what 1099s are and the many different versions.

Cryptocurrency is fast becoming mainstream. With Shark Tank's Mr. Wonderful making a 180 on his outlook for the industry, El Salvador becoming the first nation in the world to adopt bitcoin as one of its national currencies, and even the United States Congress taking notice of the power of Cryptocurrency. Attorney Steven A. Leahy reviews the latest Crypto News and discusses the impact yet to come.

The IRS held a Conference in which they discussed how to file a tax return for the Cannabis and Crypto industries. Attorney Leahy provides some background on the federal prohibition of Cannabis businesses and the tax implications that creates.

Attorney Leahy appears on David Hochberg's Home Sweet Home Chicago - Here is talks about how business owners can reduce their tax burden, eliminate their debt and GROW their business.

Attorney Leahy explains what the FBAR is, what to look for, and how to fight the penalties!!!

Attorney Steven A. Leahy reveals the new tax laws and other rules of the new Paycheck Protection Program (PPP).

Attorney Leahy walks through the process of solving the problem of unfiled tax returns.

Attorney Steven A. Leahy explains the creative ways business professionals with IRS troubles can use the bankruptcy code to their advantage.