How is a 401(k) Taxed?
Save on your taxes and save for retirement. That's the advantage I hear people share when promoting a 401(k). It sounds good but it is...
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Timalyn S. Bowens
- 6 days ago
- 4 min
Is Social Security Taxable?
Do you know how much money you need in retirement to maintain the lifestyle that you currently live? Are you on track with your savings...
16 views0 comments
Timalyn S. Bowens
- Sep 17
- 3 min
What is the Failure to Pay Penalty?
The failure to pay penalty is a penalty assessed by the IRS to taxpayers for not paying their tax bill by the filing deadline. The...
6 views0 comments
Timalyn S. Bowens
- Sep 15
- 3 min
Why Would the IRS Send Me a Letter?
Forosophobia is the fear of taxes and the IRS. I read an article about this fear in Psychology Today. As I was reading the article I...
4 views0 comments
Timalyn S. Bowens
- Sep 14
- 5 min
Your 4 Options When You Owe the IRS and Can't Pay Today
Will the IRS clean out my bank account? Will the IRS show up at my house? Will the IRS garnish my paycheck? They are going to throw me...
5 views2 comments
Timalyn S. Bowens
- Sep 13
- 4 min
3 Things Nobody Tells First Generation Business Owners About the IRS When They Start Their Business
93% of the taxpayers I have helped with back taxes in the past 4 years were self-employed. Over half of those people were also...
12 views0 comments
Timalyn S. Bowens
- Sep 12
- 3 min
How Are LLCs Taxed?
Did you go into business to do taxes? A select few business owners do. So it is no surprise that taxes are one of the most confusing...
4 views0 comments
Timalyn S. Bowens
- Sep 11
- 3 min
How to Make an Online Payment to the IRS Using Your Bank Account
Originally, taxpayers could only make payments to the IRS by check and money order. Today the IRS offers a variety of ways to pay,...
13 views0 comments
Timalyn S. Bowens
- Sep 10
- 4 min
How to Make Quarterly Estimated Tax Payments
Failure to make estimated tax payments is one of the top reasons why taxpayers owe the IRS. Over the past 11 years, I've realized that...
34 views0 comments
Timalyn S. Bowens
- Sep 9
- 4 min
5 IRS Penalties to Avoid in Your Business
When taxpayers don't meet their tax obligations the IRS charges penalties. The reasons range from not filing on time to not providing...
6 views0 comments
Timalyn S. Bowens
- Sep 8
- 3 min
How to Fill out a W9 Form as a Sole Proprietor or Single-Member LLC
One of the nice things about being self-employed is the flexibility you have. But with this newfound freedom, there is more paperwork. As...
20 views0 comments
Timalyn S. Bowens
- Sep 7
- 3 min
How to Get an IRS Transcript Online in 3 Steps
It used to take taxpayers a long time to access their tax records from the IRS. Now the IRS has several online tools to make IRS...
51 views0 comments
Timalyn S. Bowens
- Sep 6
- 3 min
What is a Tax Transcript? The 5 Different IRS Tax Transcripts
A tax transcript is the raw version of your financial story that the IRS has on record. Your tax return is your interpretation of what...
7 views0 comments
Timalyn S. Bowens
- Sep 5
- 3 min
Innocent Spouse vs Injured Spouse Tax Relief
Just because your spouse is in trouble with the IRS does not mean that you have to go down with them. Two common forms of relief the IRS...
24 views0 comments
Timalyn S. Bowens
- Sep 4
- 3 min
Innocent Spouse Relief from Back Taxes
Have you ever heard of a couple getting in legal trouble due to back taxes? Maybe you remember the summer of 2013. When the Real...
16 views0 comments
Timalyn S. Bowens
- Sep 3
- 4 min
3 Tips for Marital Bliss when Married Filing Jointly at Tax Time
Today my Husband and I participated in a group date. The date was in celebration of a couple's 17th wedding anniversary. If you have a...
26 views0 comments
Timalyn S. Bowens
- Sep 2
- 4 min
Failure to File: The IRS Penalty for Late Filing
If you owe the IRS you may have noticed that the balance due is higher than what you saw on the return. You aren't alone. The culprit in...
18 views2 comments
Timalyn S. Bowens
- Sep 1
- 3 min
IRS Forgives $1.2 Billion in Penalties for Income-Tax Returns
On August 24th, 2022 the IRS announced they will be forgiving $1.2 billion in penalties. The details of this relief are in Notice...
22 views0 comments
Timalyn S. Bowens
- Jul 6
- 7 min
5 Keys to Prevent a Small Business Tax Nightmare
Timalyn at the 2022 Diverse Entrepreneurship Summit giving a presentation. This past June, I spoke at the Diverse Entrepreneurship Summit...
61 views0 comments
Timalyn S. Bowens
- Oct 16, 2021
- 8 min
15 Tax Terms Every Taxpayer Should Know
Each year, millions of taxpayers file Form 1040 to let the IRS know how much they made throughout the year. Taxpayers sign that tax...
125 views2 comments