First-Time Abatement: An IRS Hidden Treasure

First-Time Abatement: An IRS Hidden Treasure

Have you received a notice from the IRS, stating you owe money and/or have had penalties and interest applied? The IRS sends thousands of these letters to taxpayers every year. At Nichols & Company, we always recommend you send a copy of your notice to us and let us handle the matter on your behalf.

Occasionally, notices address issues such as failure to file, failure to pay, or failure to deposit. Any of these issues are eligible for resolution using a first-time abatement (FTA).  There are certain circumstances where an FTA will be honored, and we are well aware of what […] Read more

I moved — Are any of my expenses tax deductible?

I moved — Are any of my expenses tax deductible?

Good news! If your move was job-related, you could be looking at some tax deductions. Here are some helpful tips to determine what is relevant:

-The move must be within a year of your start date at the new job.

-Your new job must be at least 50 miles farther from your old home.

-You need to work full-time at your new job at least 39 weeks in the first year. (If self-employed, you must work full-time for at least 78 weeks during the first two years at the new location.)

Also, remember to keep track of all move-related items, such as receipts, bills, […] Read more